Binance Obtains Crypto Custody Services Approval for Abu Dhabi

Binance Gains Another Country’s Approval in Middle East

Binance has obtained Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) for the Abu Dhabi Global Market (ADGM).

The news broke early Wednesday morning, Nov. 16, when Binance CEO Changpeng Zhao (CZ) tweeted an article by Seban Scaria of Zawya. Scaria’s article confirmed that the FSP approval will allow Binance to secure partners and custody of clients within the jurisdiction of the ADGM.

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

Binance acquired several licensing approvals across the Middle East in 2022. The company’s list of approvals now includes Bahrain and Dubai. The world’s largest exchange has also put a regional headquarters in Dubai.

“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,” added Richard Teng, Regional Head of MENA and Europe, in Scaria’s article.

What is Binance:

Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.

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