Binance granted preliminary approval by Abu Dhabi

Crypto exchange Binance has gained an in-principle regulatory approval from Abu Dhabi financial regulators, according tothe Abu Dhabi Global Market.

The in-principle approval from Abu Dhabi’s Financial Services Regulatory Authority (FSRA) is for Financial Services Permission (FSP) which will grant Binance the permission to operate as a broker-dealer in virtual assets.

In a recent statement, Abu Dhabi Global Market CEO of Resignation Authority Dhaher bin Dhaher said: “We are pleased that Binance has been awarded an in-principle approval in the ADGM and are excited to support them as they work towards establishing their foothold and presence in Abu Dhabi, the capital of the UAE.”

Similar views were shared by Binance head of crypto (the Middle East and North Africa business) Richard Teng. “Binance has been actively engaging global regulators, such as ADGM, as part of its ongoing commitment to uphold global standards and collectively foster the developments and sustainable growth of the crypto ecosystem.”

Binance CEO Changpeng Zhao responded to a tweet earlier this week voicing his opinion on Binance being “shunned” everywhere else, expressing it was going to be “interesting” to see the company setting up shop in the Middle East. “Not shunned elsewhere. More to come”, he said.

Binance is known to have faced regulatory issues worldwide, with the UK’s Financial Conduct Authority issuing a consumer warning making it clear last year that Binance did not fit its regulatory framework and failed to provide the basic information needed by regulators.

Regulators in Holland and Japan issued consumer warnings about Binance, with those in the Cayman Islands and Italy stating the company wasn’t licenced in its jurisdictions.

It could be seen that the company taking the right steps to reign its stance in the regulatory world, and the Middle East looks like the way forward.

Last year, the company proclaimed it has received “in-principle approval” to establish itself as a crypto asset service provider in the Kingdom and was given the go-ahead from the Central Bank of Bahrain (CBB).

This then led to the more recent announcement made in March of its new venture, alongside FTX into Bahrain and Dubai.

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Updated: 04/12/2022 — 10:00