Cryptocurrency exchange Binance has received an FSRA (Financial Services Regulatory Authority) license from Abu Dhabi’s main financial bourse ADGM, as per an official announcement by the firm.
The new license allows Binance to operate in the capital emirate via three entities, which will cover spot and derivatives trading; clearing, settlement, and digital assets custody services; and off-exchange activities such as OTC services, conversion, and principal-based activities.
The three limited entities that will operate Binance’s activities in the region are Nest Services Limited, Nest Clearing and Custody Limited, and BCI Limited.
“Achieving regulatory status through ADGM’s respected framework reflects our deep commitment to compliance, transparency, and user protection,” said co-CEO Richard Teng.
The announcement follows Binance Blockchain Week in Abu Dhabi, an event which saw the attendance of crypto leaders such as Michael Saylor and Changpeng Zhao. At a keynote speech, Richard Teng said that Binance co-founder Yi He would be joining as co-CEO.
For some time now, Abu Dhabi has been viewed—along with the wider UAE—as a pro-crypto emirate. Overall, Abu Dhabi is particularly friendly to Changpeng Zhao, who has curried favor with the ruling class of the UAE and U.S. leadership. In May, Abu Dhabi’s AI and tech-focused investment fund MGX invested $2 billion into Binance.