ADGM intends to grant similar regulatory approvals to other global and local firms
Abu Dhabi Global Market (ADGM) has announced that Binance, the world’s largest cryptocurrency exchange, has received a principal operating approval in the Emirate. The approval marks a significant milestone in Binance’s efforts to operate as a fully licensed business.
The authorization allows Binance to act as a broker-dealer across a wide range of digital assets, including cryptocurrencies, in Abu Dhabi. This represents Binance’s third regulatory approval in the Middle East, following similar progress in Bahrain and Dubai.
ADGM is an international financial free zone in the United Arab Emirates that has historically taken a leading role in providing regulatory and supervisory oversight for financial services in the region. Commenting on Binance’s efforts to expand global digital-asset trading, ADGM said:
“The principal approval is part of Binance’s plan to establish itself as a fully regulated provider of virtual assets within an internationally recognized and well-regulated financial center.”
Dhaher bin Dhaher, CEO of ADGM, welcomed Binance to Abu Dhabi and pledged support to help the exchange establish its presence in the Emirate.
To strengthen Abu Dhabi’s position as a hub for virtual assets and the digital economy, ADGM also plans to offer similar regulatory approvals to other qualified local and international firms. This pro-crypto stance comes at a time of rapid industry growth and rising strategic importance.
Previously, prominent exchange FTX was granted an operational license in Dubai.
In March, ADGM published a consultation paper proposing that NFT trading be permitted within the jurisdiction for ADGM-licensed firms.
In response, the Financial Services Regulatory Authority (FSRA), the region’s primary regulator, stated that NFTs traded under ADGM consultation would be treated as intangible property rather than financial instruments. Facilitating such NFT trading will also require companies to comply with stringent anti-money laundering (AML) and sanctions rules.