3 years ago
The in-principle support from the Abu Dhabi Global Market allows Binance to run arsenic a broker-dealer successful integer assets including cryptocurrencies.
Binance, the world’s biggest crypto speech successful presumption of trading volume, received in-principle support to run successful Abu Dhabi, marking its 3rd regulatory support successful the Middle Eastern portion aft Bahrain and Dubai.
The in-principle approval from the Abu Dhabi Global Market (ADGM) allows Binance to run arsenic a broker-dealer successful integer assets including cryptocurrencies — marking yet different milestone for the crypto exchange, which envisions to run arsenic a fully-licensed firm.
@binance, 1 of the world's starring #blockchain and #cryptocurrency platforms, received an IPA from the #ADGM Financial Services Regulator Authority. pic.twitter.com/jhHenzaahE
— Abu Dhabi Global Market (@ADGlobalMarket) April 10, 2022ADGM serves arsenic an planetary fiscal escaped portion wrong the superior of the United Arab Emirates, which historically has played an important relation successful regulatory and supervisory oversight of the fiscal services provided wrong its jurisdiction. Reciprocating Binance’s efforts to people regulatory licenses crossed the globe, ADGM stated:
“The IPA is portion of Binance’s plans successful establishing itself arsenic a fully-regulated virtual plus work supplier successful an internationally recognized and well-regulated fiscal center.”The ADGM besides shared its intent to supply akin regulatory approvals for section arsenic good arsenic planetary crypto companies to further presumption Abu Dhabi arsenic the “fast-growing virtual assets hub and integer economy.”
Dhaher bin Dhaher, CEO of ADGM, too, welcomed the determination by promising to assistance Binance’s efforts to found their beingness successful Abu Dhabi.
Apart from Binance, salient crypto speech FTX has antecedently been awarded operational licenses successful Dubai, the 2nd biggest metropolis successful the UAE aft Abu Dhabi.
Related: Abu Dhabi rolls retired draught recommendations for NFT trading
On Mar. 22, ADGM published a consultation paper, which projected that ADGM-licensed companies volition beryllium allowed to facilitate NFT trading successful the jurisdiction.
As Cointelegraph highlighted, the escaped zone’s main regulator, the Financial Services Regulatory Authority (FSRA), described NFTs successful the ADGM consultation insubstantial arsenic intelligence spot alternatively than “specified investments oregon fiscal instruments.”
However, the allowance of NFT trading volition astir apt necessitate licensed companies to comply with ADGM’s Anti-Money Laundering (AML) and Sanctions Rules.
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