Abu Dhabi’s Global Market (ADGM) and Financial Services Regulatory Authority have granted cryptocurrency exchange Binance clearance to offer its services in the region.
Binance will be cleared to offer cryptocurrency custodial services to professional clients once it has met the requirements for its Financial Services Permission.
Binance had already gained a foothold in Abu Dhabi after being granted in-principal approval from ADGM in April 2022. This gave the exchange the go-ahead to operate as a broker-dealer for cryptocurrencies and digital assets.
Binance has had an intriguing role to play amid the implosion of Sam Bankman-Fried’s FTX empire.
Binance then led a movement followed by several prominent exchanges to provide proof-of-reserves of cryptocurrency asset holdings. The exchange has also set up an industry recovery fund aimed at providing financial support to exchanges and projects facing liquidity issues.
Binance has received several regulatory approvals in different countries in 2022, with Dubai giving the all-clear in September 2022. This followed the exchange receiving regulatory clearance to offer its services in Bahrain in March 2022.