Binance obtains preliminary approval for Abu Dhabi operations

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Key facts:

  • Binance received the main approval from Abu Dhabi Global Market.
  • The company plans to expand aggressively in the Middle East.
  • The head of Binance wants to have his headquarters in Dubai, where he will have his company headquarters.

Binance Holdings has received early approval from Abu Dhabi Global Market to operate as a cryptocurrency broker. Preliminary approval is a step closer to full regulatory approval. The company has yet to complete the application process, according to Richard Teng, head of Binance Middle East and North Africa.

Once granted, a full license for the United Arab Emirates would allow Binance to expand into the Middle East and North Africa (MENA) region through a subsidiary, according to the announcement.

Expansion to the Middle East

Teng added that the company has been working with regulators in the region to take advantage of the emerging crypto market.

“Binance has been actively involved with global regulators, such as ADGM [Abu Dhabi Global Market]as part of its ongoing commitment to maintaining global standards and collectively fostering the development and sustainable growth of the cryptographic ecosystem. “

The ADGM is an international financial free zone that regulates and supervises financial services within its jurisdiction. On its official website, ADGM claims to be the first jurisdiction in the world to introduce and implement a comprehensive regulatory framework for virtual assets. It also reported that there were 4,258 registered licenses active as of the fourth quarter of 2021.

He stated that the IPA (in principle approval) is part of Binance’s plans to establish itself as a fully regulated virtual asset service provider in an internationally recognized and well-regulated financial center. Dhaher bin Dhaher, CEO of the ADGM Registration Authority, commented:

“Binance’s involvement will add to its vibrant and trusted ecosystem of virtual asset trading sites, global exchanges and service providers.”

Eyes on Dubai headquarters

Binance has big plans for Dubai after receiving a limited virtual asset license in mid-March.

Speaking to Bloomberg last month, Binance CEO Changpeng Zhao said Dubai will be its base for the “foreseeable future” and that, by “any common interpretation,” it is also the company’s headquarters.

One of the company’s main competitors, FTX, also received a Virtual Asset Service Provider (VASP) license in Dubai last month. Crypto.com and Bybit are also expanding their presence in the region.

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