One of the world’s biggest crypto exchanges in terms of trading volume, Binance has received in-principle authorization to administer in Abu Dhabi, which makes its third regulatory approval in the middle eastern region after getting their approval in Dubai and Bahrain.
This in-principle approval from the Abu Dhabi Global Market (ADGM) will allow the crypto exchange platform to administer as a broker-dealer in the digital asset market, including the likes of cryptocurrencies which is another milestone for the cryptocurrency platform that wants to operate as the fully-licensed crypto firm.
Within the capital of the United Arab Emirates, ADGM serves as the international financial free zone. The regulatory body has also mentioned its intention to provide similar regulatory approval for local and international crypto companies to enhance the further position of Abu Dhabi as the fastest-growing digital asset hub and digital economy.
The CEO of ADGM, Dhaher bin Dhaher also welcomes the move by promising to assist the effort of Binance to construct the company’s presence in Abu Dhabi. Another crypto exchange platform, FTX, was also awarded operational licenses in the second biggest city of the UAE after Abu Dhabi, which is Dubai.