Binance Gains Approval to Offer Crypto Custody Services in Abu Dhabi
Exciting news for the crypto community in the UAE! Binance, the world's largest blockchain and cryptocurrency infrastructure provider, has received a significant boost in its regional expansion. Binance received regulatory approval from the FSRA in Abu Dhabi on Wednesday, paving the way for enhanced services in the region. The exchange has been granted Financial Services Permission (FSP) in the Abu Dhabi Global Market (ADGM) by the Financial Services Regulatory Authority (FSRA), marking a pivotal moment for Binance's presence in the Middle East.
This Financial Services Permission (FSP) is a major step, allowing Binance to offer custody services to professional clients. With the FSP, Binance will be able to offer custody services to professional clients, under the condition that the crypto exchange meets the FSP requirements as outlined by the FSRA. Binance has gained a Financial Services Permission (FSP) in the Abu Dhabi Global Market (ADGM) to provide custodial services to professional traders.
The approval underscores the UAE's commitment to becoming a leading crypto hub. The UAE is accelerating efforts to expand its portfolio of services to offer to its thriving crypto community, and Binance crypto exchange has been granted approvals in Abu Dhabi as part of this initiative. The world’s largest exchange, Binance, is now authorized to offer its services in Abu Dhabi.
This Financial Services Permission will allow Binance to offer crypto custody services to professional clients. This means professional traders and institutional investors can now securely store their digital assets with Binance in Abu Dhabi, benefiting from the exchange's robust security infrastructure and global expertise. Binance, the world’s leading blockchain and cryptocurrency infrastructure provider, has received its In-Principle Approval (IPA) for a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA). The approval will allow the world’s biggest crypto exchange to offer custody services. The exchange has been granted Financial Services Permission (FSP).