The Financial Services Regulatory Authority (FSRA) has issued a permit to Binance to work as a custodian for institutional clients.
According to the press release, the company will be able to provide relevant services to clients that meet the FSRA requirements.
The ADGM Chairman Ahmed Jasim Al Zaabi has commented:
"Our robust and transparent regulatory framework is the foundation of ADGM’s strategy to create a trustworthy and well-regulated environment that will pave the way for sustainable innovation in the financial sector and solidify the UAE’s status as a rapidly growing global crypto market."
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Binance received in February approval in principle from the Abu Dhabi Global Market Financial Services Authority to operate as a virtual asset broker-dealer. Now the trading platform can offer custody service thanks to this newly-granted license.