Binance Receives In-Principle Approval in Abu Dhabi to Function as a

The cryptocurrency exchange aspires to be 

a fully regulated cryptocurrency - exchange service provider in the Middle East and beyond.

Binance said that it has gained a preliminary license to function as a wealth manager in virtual assets in Abu Dhabi, a step toward becoming a fully regulated crypto service provider in the UAE capital.

• In particular, the nation's biggest crypto exchange by turnover announced that it has acquired In-Principle Approval (IPA) for a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).

• The corporation has already secured clearance in Bahrain and is said to be in discussions for one in Dubai.

• Binance claimed that if its ADGM FSRA application is approved, it would be allowed to provide virtual asset solutions to consumers in the Middle East and North Africa (MENA) area through its subsidiary Binance (AD) Limited.