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Binance has gotten a temporary nod from regulators in the UAE’s largest city Abu Dhabi as it pursues a full regulatory license. The milestone comes as the global exchange expands its efforts to achieve full regulatory status worldwide.
Binance Is On The Move
Binance, in the past, has suffered many regulatory setbacks. As ZyCrypto reported, the exchange has been forced to wind down its services in Ontario, Canada, due to disputes with regulators. The same was also the case in the UK. On the other hand, the firm had to create a separate arm in the US, offering fewer services.
However, the leading global exchange seems set to turn this narrative around. Trailing the recent moves of CEO Changpeng Zhao, CZ, and his visits to different world leaders in South America, Central America, and the Middle East, there is little doubt that BINANCE is ready to play ball and have a presence in every region.
Binance so far has experienced a string of successes in the Middle East. Securing licenses in Bahrain and Dubai (the second-largest city in the UAE) promising to build a hub at the World Trade Centre in Dubai. And now, the exchange achieved yet another milestone in the Middle East, as disclosed by the Abu Dhabi Global Market (ADGM).
The ADGM revealed that Binance had obtained an “In-Principle Approval” to carry out financial services from the Financial Services Regulator Authority (FSRA). Binance has said that it is only a step in its pursuit to become fully compliant in the UAE. Binance says once its application obtains full approval, it will be able to offer services to consumers in the Middle East and North Africa (MENA).
“Binance, one of the world’s leading blockchain and cryptocurrency platforms, received an IPA from the ADGM Financial Services Regulator Authority,” read the tweet. In response to a tweet from a CNBC reporter, CZ has told people to expect more of such announcements.
Competition Heating In The Middle East
As reported previously, competition in the blockchain industry is heating up in the Middle East. Currently, Bahrain, Abu Dhabi, and Dubai have put all their cards on the table as they strive to become the crypto capital of the Middle East.
ADGM is an international financial free zone located in Abu Dhabi, the capital of the United Arab Emirates, which has a long history of regulatory and supervisory oversight of financial services provided within its jurisdiction. Speaking on the green light given to Binance, the group stated it was ready to offer similar regulatory nods to local and international crypto firms to secure Abu Dhabi’s place as the leader in blockchain innovation.
