Abu Dhabi has allowed Binance to provide cryptocurrency custody

November 16, 2022 - Updated: April 3, 2023Tiffany Ellis

The city’s Financial Services Regulatory Authority (FSRA) has allowed Binance, the world’s largest cryptocurrency exchange, to operate in Abu Dhabi’s Global Market (ADGM)

Binance will be able to provide custody services to institutional investors thanks to the FSP, as long as they meet the Financial Services Regulatory Authority’s regulations (FSRA).

“We look forward to supporting Binance’s operations and R&D in ADGM to develop solutions for the Web3.0 economy,” said Ahmed Jasim Al Zaabi, Chairman of ADGM.

“Working with the ADGM and FSRA has been a highly collaborative process that underscores the value of cooperation between our industry and the public sector,” MENA and Europe Regional Head Richard Teng stated.

Binance received In-Principle Approval (IPA) from the ADGM authority to serve as a virtual asset broker in April 2022.

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