Binance makes strides in the MENA region with its regulatory and compliance efforts

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In its efforts to cre­ate a glob­al envi­ron­ment for wider cryp­to adop­tion, Binance has been work­ing con­tin­u­ous­ly in var­i­ous regions around the world. Recent­ly, it received its In-Prin­ci­pal Approval (IPA) for a Finan­cial Ser­vices Per­mis­sion (FSP) from the Finan­cial Ser­vices Reg­u­la­to­ry Author­i­ty or FSRA of the Abu Dhabi Glob­al Mar­ket. This would allow Binance to oper­ate as a bro­ker-deal­er in vir­tu­al assets and helps in its long-term mis­sion of estab­lish­ing itself as a ful­ly-reg­u­lat­ed vir­tu­al asset ser­vice provider.

Vir­tu­al asset offer­ings through AGDM

The ADGM intro­duced the world’s first com­pre­hen­sive and robust vir­tu­al asset reg­u­la­to­ry frame­work in 2018 and has worked on estab­lish­ing itself as a glob­al hub for vir­tu­al asset activ­i­ties for local and inter­na­tion­al organizations.

Binance’s Head of MENA, Richard Teng talked about the company’s active efforts of engag­ing glob­al reg­u­la­tors such as ADGM as part of its com­mit­ment to uphold glob­al stan­dards and fos­ter devel­op­ments and sus­tain­abil­i­ty of the cryp­to ecosystem.

Once the plat­form com­pletes its ADGM FSRA appli­ca­tion it will be able to offer its vir­tu­al asset offer­ings to cus­tomers through­out the MENA (the Mid­dle East and North Africa) region.

Onboard­ing with VARA

Binance was grant­ed a Vir­tu­al Asset License from the Vir­tu­al Asset Reg­u­la­to­ry Author­i­ty (VARA) in Dubai. The plat­form will now be able to oper­ate with­in the ‘test-adapt-scale’ vir­tu­al asset mar­ket mod­el as a base for expan­sion in the region.

Under the VARA ser­vice providers, the ini­tial phase, rig­or­ous reg­u­la­to­ry over­sight, and manda­to­ry FATF com­pli­ance con­trol Binance would get a chance to extend lim­it­ed exchange prod­ucts and ser­vices to pre-qual­i­fied investors and pro­fes­sion­al finan­cial ser­vice providers. These licensed ser­vice providers will be mon­i­tored pro­gres­sive­ly to open access to the retail market.

Addi­tion­al­ly, Binance would also anchor a blockchain tech­nol­o­gy hub in the Dubai World Trade Cen­tre and seed new tal­ent in order to build a vibrant blockchain ecosystem.

Ensur­ing uncom­pro­mised gov­er­nance and mar­ket secu­ri­ty is a part of what Binance does, with the VARA license, Binance is bring­ing proven indus­try com­pli­ance lead­ing expe­ri­ence to the Dubai ecosystem.

CBB licens­ing

Binance was also grant­ed a cryp­to-asset ser­vice provider license from the Cen­tral Bank of Bahrain or CBB. The license proves to be cru­cial for Binance as it rep­re­sents its first one as a cryp­to-asset provider in the Coop­er­a­tion Coun­cil for the Arab States of the Gulf. It also helps in demon­strat­ing their adher­ence to being in reg­u­la­to­ry com­pli­ance as the first of its group of com­pa­nies in the region.

Com­ment­ing on the license CZ, the founder and CEO of Binance said that it is a mile­stone in their jour­ney to being ful­ly licensed and reg­u­lat­ed around the world. He also com­mend­ed the efforts of the Bahrain team and thanked the lead­er­ship of the Crown Prince and the Prime Minister.

With this cryp­to-asset license, Binance would be able to pro­vide cryp­to-asset trad­ing, cus­to­di­al ser­vices, and port­fo­lio man­age­ment to cus­tomers under the Bahrain regulators.

By com­ply­ing with glob­al reg­u­la­to­ry agen­cies and gov­ern­ments, Binance is fur­ther­ing the cause for wider and much eas­i­er cryp­to adop­tion through­out the world.

For more infor­ma­tion on Binance, please check out their offi­cial web­site.

Dis­claimer: This is a paid post and should not be treat­ed as news/advice.

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