UAE Global Market Grants Financial Services Permission for Binance
CoinEdition
Published Nov 18, 2022 10:45AM ET
Updated Nov 18, 2022 11:00AM ET
UAE Global Market Grants Financial Services Permission for Binance
- ADGM granted Binance the Financial Services Permission from the Financial Services Regulatory Authority.
- Binance will be able to offer custodial services to professional clients in and out of the ADGM if all the FSP criteria are met.
- Binance plans to establish itself as a fully-regulated virtual asset service provider.
Binance has acquired initial approval from Abu Dhabi’s Financial Services Regulatory Authority (FSRA) to operate as a virtual asset service provider. After completing its ADGM FSRA application, Binance will be authorized to extend digital asset services and offers to MENA region customers through its subsidiary, Binance (AD) Limited.
On the other hand, Richard Teng, Binance’s head of MENA expressed that Binance has been actively engaging worldwide authorities such as ADGM, in an attempt to maintain global standards and collaboratively encourage the development and sustainable expansion of the crypto ecosystem.
In other developments, Binance CEO Zhao recently addressed the Abu Dhabi Finance Week about the rules that Binance and industry peers should follow to maintain customer safety.
The post UAE Global Market Grants Financial Services Permission for Binance appeared first on Coin Edition.
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