Cryptocurrency exchange Binance has announced that it was given approval “in principle” by the Financial Services Regulatory Authority of Abu Dhabi Global Market to operate as a broker-dealer in digital assets. The firm said the move is an initial step towards becoming a fully-regulated virtual asset service provider in the emirate.
After Dubai, this makes Abu Dhabi the second emirate Binance has secured approval from. The move also comes after Binance was authorized in Bahrain by the country’s central bank.
It’s an interesting development, and Binance has recently been looking at firmer integrations with local regulatory organisations. As the platform sees massive growth, CEO Changpeng Zhao announced that in order to improve relations with regulators, the company would break with its “decentralised” structure and establish a number of headquarters across the world.