The largest cryptocurrency exchange in the world has received approval from Abu Dhabi regulators to provide custodial services for the benefit of professional market participants in the United Arab Emirates.
The Financial Services Authorization (FSP) from the Financial Services Regulatory Authority (FSRA) will allow Binance to provide digital asset custody services to professional clients. The decision was made with the support of Binance from the Abu Dhabi Capital Emirate Global Market Regulator (ADGM).
ADGM Chairman Jasim Al Zaabi said that his office is ready to support Binance’s activities in the UAE and intends to promote joint research and development of solutions for the Web3.0 economy
In September, Binance received a minimum viable product (MVP) license from the Dubai Virtual Assets Regulatory Authority (VARA). The MVP license allows qualified retail and institutional investors to offer a regulator-approved range of services related to virtual assets.
Representatives of the exchange have repeatedly commented that the recognition of Binance as a full-fledged market participant was facilitated by the willingness to work closely with regulators, as well as the transparency of the company’s business. The Exchange has declared commitments to maintain adherence to these principles of activity in the future.
The market chaos that followed FTX’s troubles prompted Binance to announce the launch of external audit systems for its Proof-of-Reserves. As of November 11, Binance owned about $74.7 billion worth of crypto assets, of which approximately 40% is in its own stablecoin BUSD.
Source: Bits
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