Abu Dhabi Grants Permission to Binance to Offer Custodial Services

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Abu Dhabi Grants Permission to Binance to Offer Custodial Services

<p class="MsoNormal text-align-justify">The
Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market
(ADGM) has granted Financial Services Permission (FSP) to Binance, the world's
largest cryptocurrency exchange. </p><p class="MsoNormal">ADGM,
an international financial hub located in the United Arab Emirates' capital
city, <a href="https://www.adgm.com/media/announcements/binance-secures-financial-services-permission-from-adgms-fsra">announced</a> the permission on Wednesday, noting that
it enables Binance to offer custodial services to professional
clients in the hub. </p><p class="MsoNormal">The
new license comes less than two months after Binance <a href="https://www.financemagnates.com/cryptocurrency/news/binance-gains-mvp-license-from-dubais-virtual-asset-regulator/">obtained a Minimal Viable Product (MVP) license</a> from Dubai's Virtual
Asset Regulatory Authority (VARA) to offer virtual asset-related services to qualified
retail and institutional investors in the UAE's most populous city. In March, the exchange <a href="https://www.financemagnates.com/cryptocurrency/regulation/binance-bahrain-receives-full-category-4-license/">got a Category 4 license</a> as a crypto asset service provider from
the Central Bank of Bahrain.</p><p class="MsoNormal">'A Pivotal Step'</p><p class="MsoNormal">Speaking
on the new license, Jasim Al Zaabi, the Chairman of ADGM noted that Binance with
permission will be able to offer their products and services to users in the
Middle East and in the North Africa (MENA) region. Al Zaabi added that they will
support Binance's operations, research and development.</p><p class="MsoNormal">"Working
with the ADGM and FSRA has been a highly collaborative process that underscores
the value of cooperation between our industry and the public sector," Richard
Teng, the Regional Head of MENA and Europe at Binance, said in his comment. </p><p class="MsoNormal">In
his contribution, Dominic Longman, a Senior Executive Officer at Binance Abu
Dhabi Limited, described the license as a "pivotal step in the growth of
Binance in Abu Dhabi." </p><p class="MsoNormal"> "We
are excited to continue to strengthen our symbiotic relationship with ADGM and
the city of Abu Dhabi and look forward to providing institutional investors
with a secure and reliable platform for their virtual asset activities,"
Longman added.  </p><p class="MsoNormal">Other
Binance Licenses </p><p class="MsoNormal">In
the past few months, Binance has been able to obtain licenses in other jurisdictions across the world as part of its <a href="https://www.financemagnates.com/cryptocurrency/binance-launches-in-new-zealand-amidst-global-expansion/">expansionary efforts. </a>In October, the exchange's Cypriot subsidiary acquired a crypto license from the Cyprus
Securities and Exchange Commission, adding to its stack of European licenses
from regulators in <a href="https://www.financemagnates.com/cryptocurrency/the-french-binance-license-is-paris-planning-to-become-europes-crypto-hub/">France</a>,  <a href="https://www.financemagnates.com/cryptocurrency/regulation/binance-gets-green-light-from-italy-regulators/">Italy</a> and <a href="https://www.financemagnates.com/cryptocurrency/news/binance-obtains-vasp-registration-in-spain/">Spain</a>. </p><p class="MsoNormal">Earlier
in August, the exchange's subsidiary in the United States <a href="https://www.financemagnates.com/cryptocurrency/news/binanceus-obtains-money-transmitter-license-in-nevada/">received a
money transmitter license</a> in Nevada. The license was an addition to the exchange's roster of
similar licenses from other six states in the US.</p>

This article was written by Solomon Oladipupo at www.financemagnates.com.

Source: Abu Dhabi Grants Permission to Binance to Offer Custodial Services