Binance has gained the capability of allowing its professional clients to claim custody. The update follows the development wherein the crypto platform has received Financial Services Permission from the Financial Services Regulatory Authority of ADGM, short for Abu Dhabi Global Market.
Receiving Financial Services Permission is a part of its expansion plan, especially in the Middle East. Professional clients seeking custody must meet the Financial Services Regulatory Authority’s requirements.
Dominic Longman, the Senior Executive Officer of Binance Abu Dhabi, has called this a pivotal step in the growth journey of the platform. Dominic expressed excitement on behalf of everyone at Binance, citing that Binance now looks to strengthen further the symbiotic relationship between the platform and Abu Dhabi Global Market.
Virtual assets are widely recognized in Abu Dhabi, and the current development makes it more evident. Dominic also addressed this while adding that this is merely a beginning for the Abu Dhabi arm of Binance, with many more to come.
Binance Abu Dhabi is eyeing to grow its team and operations in Abu Dhabi along with the local blockchain landscape. Financial Services Permission is a key that was waiting to land so that Binance Abu Dhabi could move a step closer to achieving its expansion plan.
Ahmed Jasim Al Zaabi, the Chairman of Abu Dhabi Global Market, congratulated Binance on securing the Financial Services Permission while acknowledging that the platform can now offer its products and services to users in the MENA region. He highlighted the Web3 economy as well by extending support to the operations and Research & Development department of Binance.
The Financial Services Regulatory Authority is responsible for drafting the first-ever Virtual Asset Regulatory framework in 2018. The framework aims to strengthen and transform the economy of Abu Dhabi by making Abu Dhabi Global Market a global hub for activities related to virtual assets.
Binance functions on its native token – BNB – in addition to over 100 cryptocurrencies listed on the platform. The crypto exchange platform was founded in 2017 and is currently headquartered in Malta. Binance has often been credited with being the first crypto exchange platform of several traders who were once naive in the crypto trading space.
Known across the globe for being the most user-friendly crypto venture, Binance has now secured a spot in the list of the top crypto exchanges in UAE alongside Coinbase, Crypto.com, and Coinmama, to mention a few.
It is purely the vision of Binance that makes it stand out in the competition. The crypto exchange platform aims to transform everyone’s life on a macro level by fostering the development of digital currency across the globe.
Abu Dhabi has set an example for other regions to follow. Cryptocurrency has the potential to grow, provided authorities draft the regulatory framework.