Binance receives a licence to operate in Abu Dhabi

Binance, the world’s biggest crypto exchange, has received the in-principle approval in Abu Dhabi. For the company, this is the third licenсe in the Middle East region. Earlier, Dubai and Bahrain allowed Binance to operate on their territory.

The Abu Dhabi Global Market (ADGM) has allowed the exchange to carry on business as a broker-dealer in digital assets.

According to the ADGM statement, licence acquisition is part of Binance’s plans to become a fully regulated company which will work with crypto assets in an international financial centre.

The ADGM also intends to provide similar permits for local and global crypto companies in order to further position Abu Dhabi as one of the fast-growing centres of the digital economy. Representatives of the department stated that Binance’s work in the capital region of the country will be provided with all necessary support.

On March 22, ADGM published a document proposing to facilitate the process of non-fungible tokens (NFT) trade for companies licensed by ADGM.

However, these companies will have to comply with sanctions as well as ADGM’s anti-money laundering rules in order to be licensed to buy and sell NFTs.

Also, Binance is going to open an official representational office and is negotiating on this issue with regulators from several countries at once. Binance CEO Changpeng Zhao said that the office of the company may be placed in Ireland, the UAE or France, but the final decision has not been made yet.

Last year, the head of Binance noted that the crypto exchange intends to establish relations with regulators around the world. For this reason, they are going to become a licensed financial company. Earlier, a few countries issued a warning to the exchange due to the lack of a licence, or even restricted its operation on their territory.

The crypto exchange is at work upon strengthening its presence in Eastern European states. Earlier this year, Binance announced the assignment of new directors in Russia and Ukraine. Moreover, the company plans to expand the list of services available in the CIS region and ensure compliance with legal norms in the crypto sphere.

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