Binance Gets FSP License

Prime Digital Currency Trading Platform Binance is launching its cryptocurrency custody services in the Abu Dhabi Global Market (ADGM). The Abu Dhabi Global Market’s Financial Services Regulatory Authority (FSRA) has approved the world’s most valuable cryptocurrency to offer financial services.

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With this licence in hand, Binance can start offering custody services to institutional investors who also meet the requirements of the FSP as specified by the FSRA. Notably, in April of 2022, Binance was granted In-Principle Approval (IPA) from the ADGM authorities, allowing it to function as a broker-dealer in virtual assets.

The purpose of the ADGM regulator is to create sol for the web3

Chairman of ADGM Ahmed Jasim Al Zaabi stated, “We look forward to assisting Binance’s activities and R&D in ADGM to develop solutions for the Web3.0 economy,” when discussing the granting of a licence to Binance.

Upon being asked about Binance’s plans to expand into the Middle East, the regional head for MENA and Europe replied, “Working with the ADGM and FSRA has been a highly collaborative process that shows the significance of cooperation between our industry and the public sector.”

In September, officials from the FSRA and the ADGM published their guidelines for regulating and supervising the cryptocurrency market. In spite of the fact that the principles are in line with global anti-money-laundering (AML) and counter-terrorism financing (CFT) norms.

Internationally Recognized Regulatory Framework; Dynamic and Market-Oriented Regulations; Risk-focused and Proportionate Approach; Cooperation and Shared Responsibility; and Delivering High Quality and Service are the five guiding principles developed by the regulators and posted on the official website of ADGM. In addition, the agency in charge of regulating the market intends to maintain “frequent but informal” communication with the players in the industry.

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Binance’s most recent 2022 expansion initiative is to obtain a custodial licence in Abu Dhabi. According to CZ, “Binance is developing an industry recovery fund to help projects who are otherwise solid but in a financial difficulty” in response to the FTX situation. The bitcoin trading platform expanded into two more locations in Brazil, and it also received licences in Kazakhstan and New Zealand.

Source: Google Trend

By Vil Joe

A writer and editor based out of San Francisco, Vil has worked for The Wirecutter, PCWorld, MaximumPC and TechHive. Her work has also appeared on InfoWorld, MacWorld, Details, Apartment Therapy and Broke-Ass Stuart. In her spare time, she takes too many pictures of her cats, watches too much CSI and obsesses over her bullet journal.

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