Cryptocurrency platform Binance granted In-Principle Approval to operate in Abu Dhabi

Abu Dhabi’s financial free zone has granted cryptocurrency platform Binance In-Principle Approval (IPA) to operate as a broker in virtual assets, United Arab Emirates state news agency WAM reported on Sunday.

The move comes after neighboring emirate Dubai granted the company a license to conduct operations on March 16, and Bahrain’s central bank granted a license on March 15.

Binance is expanding its operations in the UAE and is recruiting for more than 100 positions.

The latest move brings it a step closer to operating out of the Abu Dhabi Global Market (ADGM).

ADGM introduced a robust virtual asset regulatory framework in 2018 aiming to position itself as a hub for virtual business.

“We are pleased that Binance has been awarded an In-Principle Approval in the ADGM, and we are excited to support them as they work towards establishing their foothold and presence in Abu Dhabi, the capital of the UAE,” Dhaher bin Dhaher al-Mheiri, Chief Executive Officer of the ADGM Registration Authority, said in a WAM statement.

“ADGM is the largest regulated jurisdiction of virtual assets in Middle East And Africa (MENA) region, and Binance’s participation will add to its vibrant and trusted ecosystem of virtual asset trading venues, global exchanges and service providers,” he added.

Richard Teng, Binance’s Regional Head of MENA, added: “We are grateful for ADGM’s support during our application process, and look forward to working closely with them and other key Abu Dhabi stakeholders for broader deployment of our world-class offerings and services across the whole MENA region and beyond.”

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