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 toward 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, given that Binance has been rather notorious for its tendency to operate independently of local regulations. Binance CEO Changpeng Zhao until recently even took pride in having no official headquarters. Amidst pressure from global regulators, Binance has changed tack on this, saying it wants to become a regulated business. The firm has yet to decide where to establish its main office.