MarketsAbu Dhabi: Binance obtains a license to provide financial...

Abu Dhabi: Binance obtains a license to provide financial services


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got up Abu Dhabi Global Market (ADGM) and the Financial Services Regulatory Authority, to award the cryptocurrency exchange Binancepermission to provide its services in the region.

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Also Read: Abu Dhabi: The Blockchain Association Launches in the Middle East, Asia and Africa Region

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Where an official announcement issued by the financial center of the capital of the United Arab Emirates confirmed that it will be allowed to Binance To offer cryptocurrency custody services to professional clients, once it has met the requirements of its Financial Services Authorization.

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This news came, after the founder attended binance and CEO Changpeng Zhao Abu Dhabi Financial Week.

where it appeared Zhao Zhao On the podium alongside the CEO Galaxy Digital Galaxy Digital And the investor Mike Novogratzfor a wide-ranging conversation, touched on the consequences of the ongoing bankruptcy of a company FTX FTX.

Abu Dhabi: Binance obtains a license to provide financial services

Worth noting, that binance It has already gained a foothold in Abu Dhabi, after receiving preliminary approval from the Abu Dhabi Global Market in April 2022. Which gave the green light to the stock exchange, in order to act as a broker and trader of cryptocurrencies and crypto assets.

Although binance is about to start offering exchange services to customers in Abu Dhabi, but the announcement has drawn some critics, including economist and cryptocurrency critic Nouriel Roubiniwho made disparaging remarks about the regulatory permit granted to binanceduring a separate session in Abu Dhabi Financial Week.

where discussed Rubini that binance Banned in the UK, and ongoing investigations by the US Department of Justice, suggest the exchange is a ticking time bomb:

“Unfortunately, this is a completely rotten system, and I think this is a lesson we should take from the last few weeks, and these people shouldn’t be here, and I can’t believe that Zaw or binance They have a license to operate in the UAE.”

It is stated that binance She played an interesting role in the midst of the collapse of an empire FTX affiliate By Sam Bankman-Fred. where conducted Zaw Preliminary talks with rival to save FTXHowever, scrutiny of the company’s financial statements led to the failure of the deal before it could progress FTX filing for bankruptcy.

The stock exchange also established a fund to revive the industry, which aims to provide financial support to stock exchanges and projects facing liquidity problems.

Also read: “Digital Pharm” Abu Dhabi company opens a virtual office in Metaverse

It should be noted here, that binance It had received a number of regulatory approvals in different countries in 2018 2022Dubai gave full approval in September 2022In addition, the stock exchange obtained regulatory approval to provide its services in Bahrain in March 2022.

Source: Crypto Arabia

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I am a news writer at 24Happenings, where I help promote and write about events that matter to young professionals. I have worked in media for over a decade, most recently as an anchor in a small town in upstate New York. In my spare time, I like to read, cook simple meals, and watch DirecTV originals.


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