Cryptocurrency exchange Binance has received in-principle approval from the Abu Dhabi Global Market Financial Services Regulatory Authority (ADGM) to operate as a virtual asset broker-dealer in the country.
The free financial zone in the capital of the UAE adopted a comprehensive regulatory framework for cryptocurrencies in 2018.
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According to the announcement, the exchange’s approval to provide financial services in the jurisdiction is part of an effort to establish the exchange as a fully regulated cryptocurrency service provider.
Dhaher bin Dhaher, CEO of ADGM Registration Authority, has said:
"ADGM is the largest regulated jurisdiction of virtual assets in MENA region and Binance’s participation will add to its vibrant and trusted ecosystem of virtual asset trading venues, global exchanges and service providers."
The exchange has previously received a license to provide cryptocurrency services in Dubai. After that, the company opened more than 100 vacancies in the office in the emirate.