- The custodial license represents the most recent 2022 growth drive for Binance.
- The ADGM authorities granted Binance In-Principle Approval (IPA) in April 2022.
The Abu Dhabi Global Market (ADGM) is the next stop for Binance’s cryptocurrency custody services. In Abu Dhabi, the Financial Services Regulatory Authority (FSRA) has approved the world’s largest cryptocurrency exchange granting financial service permission (FSP).
In accordance with the terms of the license, Binance will be able to provide custody services to qualified institutional customers who satisfy the requirements of the FSP as specified by the FSRA. The ADGM authorities granted Binance In-Principle Approval (IPA) to operate as a broker-dealer in virtual assets in April 2022.
Ahmed Jasim Al Zaabi, Chairman of ADGM, stated:
“We look forward to supporting Binance’s operations and R&D in ADGM to develop solutions for the Web3.0 economy.”
Binance’s Regional head of MENA and Europe on expansion in the Middle East said:
“Working with the ADGM and FSRA has been a highly collaborative process that underscores the value of cooperation between our industry and the public sector.”
Global Expansion Drive
In September, the Financial Services Regulatory Authority (FSRA) and the Abu Dhabi Global Market (ADGM) issued their principles for regulating and supervising the cryptocurrency market. The guidelines are in line with global anti-money laundering (AML) and counter-terrorism-financing (CFT) norms.
The regulators of ADGM established the following five guiding principles, which can be found on the organization’s website: Internationally Recognized Regulatory Framework; Dynamic and Market-Oriented Regulations; Risk-focused and Proportionate Approach; Cooperation and Shared Responsibility; and Delivering High Quality and Service.
The custodial licence in Abu Dhabi represents the most recent 2022 growth drive for Binance. Recently, the digital currency trading platform expanded into two more Brazilian offices and received authorization in Kazakhstan and New Zealand.