Binance exchange is moving rapidly toward the Middle Eastern-based crypto services expansion.
Binance is a first-ranked crypto exchange, which is currently holding the highest trade volume among the all crypto exchanges in the industry. This exchange is popular for its quality level services for its users. Last year Exchange faced huge scrutiny issues from many global regulators, after that exchange decided to become a globally regulated exchange.
On 10 April, Abu Dhabi Global Market (ADGM) approved an in-principle regulatory signal for Binance exchange to give authority to provide crypto offerings as a broker-dealer of crypto assets.
For the same, ADGM confirmed on Twitter that the exchange successfully received IPM from the agency to provide crypto services.
ADGM also stated:
“The IPA is part of Binance’s plans in establishing itself as a fully-regulated virtual asset service provider in an internationally recognized and well-regulated financial center”
ADGM is currently responsible for the capital of the United Arab Emirates’ international financial free zone. Under its authority, the agency played significant roles in the past to introduce regulatory and supervisory oversight of the financial services.
ADGM agency also confirmed that it will welcome other global crypto exchanges to register with it, to make Abu Dhabi a “fast-growing virtual assets hub and digital economy.”
So now in the Middle East, this is the third crypto license for Binance exchange. In the first two licenses, it received regulatory approval from Bahrain and Dubai.
The chief executive officer of ADGM, Dhaher bin Dhaher, also commented on this regulatory approval of the Binance exchange and said that they will help Binance to show its appearance in Abu Dhabi significantly.
Earlier this, global crypto exchange FTX received regulatory approval for its crypto offerings in the second biggest city of UAE Dubai. Abu Dhabi is the biggest city in the UAE but not much popular globally as Dubai.
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