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Binance Gets Abu Dhabi Crypto Nod as Billionaire CEO Touts UAE

  • Exchange is still completing the application process
  • Middle East push includes approvals in Bahrain and Dubai

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Binance Holdings Ltd. received in-principle approval from Abu Dhabi Global Market to operate as a broker-dealer in virtual assets.

The world’s largest cryptocurrency exchange by trading volume still needs to complete the application process, Richard Teng, the company’s head for the Middle East and North Africa and a former ADGM executive, told Bloomberg.

If the full licensing for Abu Dhabi — the United Arab Emirates’ capital — is successful, the exchange said it could then offer its virtual asset services to customers across the MENA region through a subsidiary, Binance (AD) Ltd. It marks a push by the company to expand its presence in the Persian Gulf, following approvals in Bahrain and Dubai, the commercial capital of the UAE.

“Binance has been actively engaging global regulators, such as ADGM, as part of its ongoing commitment to uphold global standards and collectively foster the developments and sustainable growth of the crypto ecosystem,” Teng said.

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