Sunday, September 25, 2022

Binance Gets a Nod from Authority of Abu Dhabi Global Market

The world’s largest crypto exchange, Binance has pulled through with an in-principle approval from the financial regulator of Abu Dhabi, making this its third permit acquired from a middle eastern country in a row. According to the report, the rubber stamp legalizes the blockchain exchange firm to run a broker-dealer trade in cryptocurrency assets in the nation’s capital.

While the processes involved in sealing the approval are yet to be completed, Binance noted that the new development is another milestone achieved in being a regulated digital assets service vendor in Abu Dhabi.

The dash into seeking trade approval from Middle Eastern nations came about because the crypto exchange firm had faced rejection in other places. An example is an occurrence where Israel shunned the firm from operating in the country owing to licensing issues

The company’s CEO, Changpeng Zhao, however, has turned down the claims of being turned down elsewhere, responding to a tweet, he said, “not shunned elsewhere. More to come.”  A comment that confirms Zhao’s determination to conquer more nations.

Commenting on the in-process approval, the CEO of the Registration Authority of Abu Dhabi Global Market, Dhaher bin Dhaher was pleased to welcome the world-renowned crypto exchange on board, adding that,

“ADGM is the largest regulated jurisdiction of virtual assets in MENA region and Binance’s participation will add to its vibrant and trusted ecosystem of virtual asset trading venues, global exchanges, and service providers.”

Several concerns have been raised over time about the tendencies of the global crypto exchange to run independently of local laws coupled with the fact that it does not have a physical office, hence making some countries skeptical about approving the exchange.

In February, the firm was reportedly under an investigation by the US Securities and Exchange Commission (SEC) for accusations related to misrepresentations by the CEO. Also in the same month, the operation of the business was halted in Israel owing to the non-accountability of its business records in the country.

Amid these skepticisms, Binance got fully licensed to offer crypto services in Bahrain last month, and not up to 48 hours after that, the virtual assets service provider also received an authorization license from Dubai, both Middle Eastern nations.

Israel Love
Israel Love is a passionate writer that enjoys educating and inspiring people through his writing. This passion fuels the desire to simplify the complexities in the blockchain ecosystem, by providing viable information about the crypto space in such a way that makes it easy for anyone to understand. Israel love also has interests in Human Resource Management as he is a trained expert in HR.

Related Articles

Stay Connected

0FansLike
0FollowersFollow
2,052FollowersFollow

Latest Articles

%d bloggers like this: