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