Binance continues Middle East expansion with Abu Dhabi

Wednesday 13 April 2022 12:35 CET | News

Cryptocurrency exchange Binance has obtained a provisional green light from Abu Dhabi regulators, deepening its expansion in the Middle East, according to CNBC.

The company said it was given approval ‘in principle’ by the Financial Services Regulatory Authority of Abu Dhabi Global Market to operate as a broker-dealer in digital assets. The firm said the move is an initial step toward becoming a ‘fully-regulated virtual asset service provider’ in the city.

It’s the second city Binance has secured approval from — the company received a crypto license in Dubai in March 2022. The move also comes after Binance was authorised in Bahrain by the country’s central bank. Binance has been pushing into the Middle East market after getting a pushback reception elsewhere.

In the UK, regulators placed restrictions on the firm, barring it from undertaking any regulated activity. In Singapore, it limited its service after the country’s central bank warned it may be in violation of local payment laws. In response to a tweet from CNBC, Binance CEO said the company is ‘not shunned elsewhere’ and that there’s ‘more to come’.

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Keywords: Binance, cryptocurrency exchange, regulation, cryptocurrency
Categories: DeFi & Crypto & Web3
Companies: Binance
Countries: Middle East
This article is part of category

DeFi & Crypto & Web3


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