The Financial Services Regulatory Authority of Abu Dhabi Global Market has given Binance approval in principle to operate as a broker-dealer in digital assets. Through this green light, the cryptocurrency exchange is ready to deepen its expansion in the Middle East. Binance applauded the approval. It sees this as an initial step toward becoming a fully-regulated virtual asset service provider in the Arabian city.
Last month, Binance secured approval of a crypto license in Dubai. This came after it received a go-ahead in Bahrain. The crypto exchange turned to the Middle East after it got a “cold reception” elsewhere.
Regulators in the UK placed restrictions on Binance and barred it from undertaking any regulated activity. Likewise in Singapore, the crypto exchange had to limit its services after the country’s central bank cautioned that the platform may be in violation of local payment laws.
But Changpenq Zhao (CZ), Binance CEO, says the company has not been shunned. He said there is more to come. The company is regarded as notorious for its tendency to operate independently of local regulations. It has been banned by regulators in the UK, and Italy from operating in their countries.
Moreover, Binance had boasted of having no official headquarters and had to stop short when global regulators put pressure. Now, Binance wants to become a regulated business and is looking to establish its main office. Binance, which was founded in China in 2017, is the world’s largest cryptocurrency exchange by trading volume