Binance cryptocurrency exchange has made another feat again after it secured approval to operate in a prominent city in the United Arab Emirates, Abu Dhabi. The blockchain service provider company will be able to offer its blockchain service provision in the Abu Dhabi Global Market (ADGM) the UAE’s financial center.
Abu Dhabi Grants Regulatory Approval For Binance
The news of the approval was made known earlier by the blockchain service provider exchange via a blog post. The exchange revealed that it has received approval from the Abu Dhabi Crypto asset regulatory body. Excerpt from the blog post “As one of the leading blockchain/web3 services providers, we are delighted to announce the recipient of crypto service provision from the Financial Services Regulatory Authority”.
The blog post further stated that the secured approval in Abu Dhabi was in alignment with the company’s plan to expand its base. With this new approval, the exchange will offer its blockchain service to users in the Abu Dhabi Global Market.
Following Binance’s announcement, One of the top Regulatory authorities in the region confirmed the approval. Mr. Jasim Al Zaabi, the ADGM Chairman confirmed the approval and also congratulated the exchange. Jasim further stated that ‘ All protocols were duly observed by the crypto asset service provider. We would also provide any help needed by Binance to provide its service in the Abu Dhabi market.
Binance Set To Expand And Dominate Into the Middle East
Over the years, after its launch in 2017, Binance Exchange has risen to become one of the leading blockchain service providers globally. Binance has continued to plant several branches and arms in different countries, continents, and regions all over the world.
Few months ago, during a conference Binance C.E.O, Zhao Changpeng announced the interest of the crypto entity to dominate and expand into the European, Asian, and Middle East regions Binance has been in the process to secure approval in the UAE, European and Asian regions since August. The exchange was licensed by the UAE central bank in September, and a few days later, it got authenticated and certified by Dubai’s Crypto Asset Regulatory Body.
The Abu Dhabi Crypto Asset Regulatory body published its policy structure and framework for crypto assets service providers in the region. The policy structure is designed to prevent money laundering, rug pulls, and other digital-related crimes. In the coming months, the Binance exchange should be expected stronger and more dominating in the Middle East and European region.