Binance wins Abu Dhabi nod for another MENA outpost
The world’s largest crypto exchange received an in-principle approval from the Abu Dhabi Global Market (ADGM) to operate as a virtual assets broker-dealer, bolstering Binance’s presence in the Middle East.
See related article: Binance wins crypto license in Dubai days after FTX
Fast facts
Binance will offer virtual asset investment and trading services across the Middle East and North Africa (MENA) through a subsidiary, an ADGM statement said.
Binance has made efforts to expand its presence in the region, obtaining licenses in Bahrain and Dubai last month.
Approvals from regulators in the Middle East will help Binance deflect criticism over the lack of oversight.
The United Arab Emirates has attracted a number of exchanges to set up shop there, with FTX gaining a license in Dubai last month.
Crypto.com and Bybit are also setting up regional hubs in Dubai.
See related article: Binance wants to play ball with regulators