Binance Secures Licence from ADGM to Offer Custodial Services

Binance has received a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), which enables the crypto exchange to provide custody to professional clients.

In September, FSRA published guiding principles on its approach to virtual asset regulation and supervision to outline its expectations for the asset class and service providers in the sector. The principles complement ADGM’s regulatory framework for spot virtual asset activities, The National reports.

Binance is committed to working closely with forward-thinking regulators and cities to develop a clear and beneficial regulatory framework that safeguards market integrity and consumer safety,

Richard Teng, Regional Head of MENA and Europe in Binance, noted.

Binance received in-principle approval from ADGM, one of the biggest free zones in the Abu Dhabi emirate, to operate as a broker-dealer in virtual assets in the capital in April.

We are excited to continue to strengthen our symbiotic relationship with ADGM and the city of Abu Dhabi and look forward to providing institutional investors with a secure and reliable platform for their virtual asset activities,

said Dominic Longman, senior executive officer of Binance.

Binance regards, obtaining the licence as a milestone in expanding its activities in Abu Dhabi. "This is just the beginning for Binance Abu Dhabi," Dominic Longman added.