Abu Dhabi Global Market Grants In-Principle Approval To Binance

According to multiple reports, the behemoth crypto exchange has managed to strike a successful deal yet again with supporting authorities of the capital of Abu Dhabi in the United Arab Emirates.

As per a report issued by Bloomberg, Binance, which is known as the largest crypto exchange worldwide, in terms of trading volume has recently received a green light from the Abu Dhabi Global Market, to function as a broker-dealer for digital assets.

Post Approval Proceedings

Richard Teng, the head of Binance in the region of Middle East and North Africa, who has also been an ex-executive of the Abu Dhabi Global Market stated that now that Binance has managed to secure the approval from respective authorities of Abu Dhabi, the firm now must go through the official application registering process.

If Binance successfully manages to obtain the license for operations in Abu Dhabi, the crypto exchange will have the opportunity to provide its services in the region of MENA, using its own Subsidiary Binance (AD).

Binance in Dubai

Binance has been working hard to seek license approvals in the regions of the middle east, recently managing to get approved by Dubai, which is the highlight city in the United Arab Emirates, known for its massive evolution towards development.

As reported by several news outlets, Binance received the approval from authorities of Dubai about a month ago, during which the exchange stated that it would finally be allowed to expand limited exchange products and services to facilitate investors and other financial services firms.

Additionally, Binance is planning to develop and secure a blockchain technology center inside of the Dubai World Trade center, in order to seek out new brains, providing opportunities for young talented individuals to show their skills and grab a position at Binance.

Possibility of a New Headquarters

According to a report issued by Bloomberg, Chief Executive Officer at Binance, Changpeng Zhao stated about a month ago that He recognizes Dubai to be his center point in the coming times, with many rumors that floating about a possibility of the exchange’s new headquarters.

Talking more about further developments of crypto in the UAE, several new outlets reported that the exchange’s associate form, Binance.US successfully manage to secure around $200Million during a funding around, showing that investors are welcoming cryptocurrency firms in the region in order to develop new opportunities of trade.