Binance gets ADGM approval

Global blockchain services provider Binance has received a goahead from the Abu Dhabi Global Market (ADGM), it said yesterday.

The financial services permission (FSP) from the Financial Services Regulatory Authority (FSRA) will enable the blockchain giant to provide custody to professional clients.

Jasim Al Zaabi, Chairman of ADGM, said: “We look forward to supporting Binance’s operations and R&D in ADGM to develop solutions for the Web3.0 economy.”

ADGM’s FSRA introduced the world’s first-ofits-kind comprehensive and bespoke Virtual Asset regulatory framework in 2018 to provide inclusive and robust regulations and provisions to organisations.

Richard Teng, Regional Head of MENA and Europe, Binance, added: “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. We look forward to seeing the continued growth and prosperity of Abu Dhabi as a leading global hub for virtual asset activities, and we commend ADGM for facilitating the development of the local blockchain ecosystem.”