Binance earns in principle license in Abu Dhabi

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TL; DR Breakdown

  • Binance awarded a license in Abu Dhabi
  • The firm now has three licenses in the region
  • ADGM wants consultation over NFT trades

Binance has once again been granted a license to operate in the Middle East, in Abu Dhabi. The crypto exchange, which has the highest trading volume globally, has previously been awarded the same license in Dubai. This was followed closely by another announcement of a license awarded in Bahrain. With the in-principle license in place, the firm will be able to offer traders services across different assets, including crypto.

Binance now has threelicenses in three cities in the Middle East

This latest news is buttressing that Binance continues to push for a full license across the world despite some issues some months back. Recall that the crypto exchange has been having issues related to regulation across different countries in the last few years. Binance will operate in the Abu Dhabi Global Market, a financial hub in the capital of the UAE.

The market has been involved in most of the regulations and oversights across the region in the last few years. Giving its views on the recent in principle license Binance earned, the ADGM said that the license was to show the word that Binance was willing to become a regulated entity across the international scene, with this move showing that.

ADGM plans consultation over NFT trades

The ADGM also mentioned that it is looking forward to partnering with more local and international crypto firms. This is because it has plans to actualize its visions to make the region the biggest in terms of crypto hubs. The company’s CEO also mentioned that they are ready to help Binance achieve its aim of full regulation in the region. Asides from Binance, other firms that have been awarded a license in the region include Sam Bankman-Fried’s FTX.

The company was the first to earn an in-principle license to operate in Dubai earlier this year. Some weeks back, ADGM announced a closed consultation among companies that it has granted a license. The consultation aimed to see if the companies would be willing to allow traders to carry out NFT trades. The group sees NFTs as intellectual property instead of a means of investment. However, if the trade of NFTs is allowed, the group would mandate companies to follow its AML rules.