Binance secures licence in Abu Dhabi

One of the firms at the centre of the collapse of crypto exchange FTX  has been approved to operate in Abu Dhabi.

Digital assets exchange Binance has been awarded a financial services permission licence from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).

This will enable Binance to offer custody to its professional investor clients, subject to the conditions of its licence with the FSRA.

Abu Dhabi was one of the first markets to introduce a virtual assets framework back in 2018 in order to further its ambitions to be a digital assets hub in the region.

Meanwhile, Binance is looking to expand its presence in the Mena market.

The firm made headlines recently as a potential saviour of stricken crypto exchange FTX. Binance offered to bail out FTX but then backed out of the non-binding agreement after discovering problems during the due diligence process.

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