Binance gets Abu Dhabi regulator’s nod to offer custody

Binance, world’s largest cryptocurrency exchange, has obtained Financial Services Permission from Abu Dhabi’s Financial Services Regulatory Authority (FSRA) to provide custody to professional clients in and from the Abu Dhabi Global Market (ADGM), the international financial center of the UAE’s capital.

See related article: Dubai scorches crypto winter with plans to support 40,000 ‘virtual jobs’

Fast facts

• The UAE has been strengthening its virtual asset regulatory framework and accelerating the licensing process for crypto businesses, as it aims to be crypto’s promised land. 

• In April, Binance received in-principle approval from ADGM to offer virtual asset trading and investment services across the Middle East and North Africa through a subsidiary. 

• Binance also obtained licenses in Bahrain and Dubai this year.

• ADGM in April granted a full license to the cryptocurrency exchange Kraken to provide virtual asset trading and custodial services in the local currency. 

See related article: Crypto.com, Bybit book tickets to Dubai to set up UAE bases