The Financial Services Regulatory Authority (FSRA) has issued a permit to Binance to work as a custodian for institutional clients.
As a result, the company will be able to provide relevant services to clients that meet FSRA requirements.
ADGM Chairman Ahmed Jasim Al Zaabi has said:
“Our robust and transparent regulatory framework is the foundation of ADGM’s strategy to create a trustworthy and well-regulated environment that will pave the way for sustainable innovation in the financial sector and solidify the UAE’s status as a rapidly growing global crypto market.”
Binance received approval in principle in April from the Abu Dhabi Global Market Financial Services Authority to operate as a virtual asset broker-dealer.
In the summer, the exchange announced the launch of payment and trading services based on licenses obtained in Dubai and Bahrain.