Binance has received early approval from Abu Dhabi Global Market (ADGM) to operate as a digital asset broker, Bloomberg reported on Sunday.
The world’s largest cryptocurrency exchange by trading volume must now complete the application process, according to Richard Teng, head of Binance for the Middle East and North Africa and former CEO of ADGM.
If the license for Abu Dhabi, the capital of the United Arab Emirates, is successful, Binance will provide services to customers throughout the MENA region through its subsidiary Binance (AD). It has expanded its presence in the Persian Gulf, including the approval of the license for Dubai, the commercial capital of the United Arab Emirates.
It received a virtual asset license from Dubai last month, The Block reported. Binance said at the time that it would allow limited exchange products and services to be extended to prequalified investors and professional financial service providers.
In addition to expanding its trading operations, Binance will anchor a blockchain technology center at the Dubai World Trade Center to sow new talent, he said.
Changpeng Zhao, co-founder and CEO of Binance, said last month that Dubai would be its base for the foreseeable future and for “any common interpretation,” the company’s headquarters reported, Bloomberg reported.
The U.S. subsidiary of the company, Binance.US, closed an inaugural round of financing last week, The Block reported. He raised more than $ 200 million in an initial round with a pre-cash valuation of $ 4.5 billion.