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Binance has been approved as a digital asset broker-dealer in Abu Dhabi

Updated: Jul 25, 2024
Published: Apr 11, 2022
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According to Bloomberg, Binance has received in-principle approval from Abu Dhabi Global Market (ADGM) to operate as a broker-dealer in digital assets.

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Binance was approved in principle by Abu Dhabi

While Binance has been approved to operate in Abu Dhabi, the application process is still ongoing. If the full licensing for Abu Dhabi (the capital of the United Arab Emirates) is successful, the exchange said it would be able to offer its virtual asset services to customers across the MENA region through a subsidiary, Binance (AD).

The Abu Dhabi Global Market had set the goal of increasing the number of crypto exchanges in its region in November, as just three crypto exchanges had been approved by the regulator. Something Binance appears to have taken advantage of as it allows the crypto exchange to expand its presence in the Persian Gulf after licenses in Bahrain and Dubai.

The crypto exchange has been expanding rapidly

Binance received the Dubai virtual asset license last month, which allowed it to offer limited exchange products and services to pre-qualified investors and professional financial service providers. In addition to growing its crypto exchange, Binance also announced the opening of a blockchain technology hub in the Dubai World Trade Centre to foster new talent.

Binance's recent moves show a clear preference for the Middle East region, as Changpeng Zhao, Binance's co-founder and CEO, noted last month that Dubai would be his base for the foreseeable future and the company's headquarters by any reasonable interpretation, as it has been struggling to find a place to settle for quite some time.

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