- Binance receives the FSP permission from FSRA Abu Dhabi.
- The approval allows Binance to enable professionals to provide crypto custody services to professional clients.
- This custody will be offered subject to approval by the FSRA Abu Dhabi Global Market (ADGM).
Binance, a platform for the cryptocurrency exchange, has secured the Abu Dhabi regulator’s approval for the crypto custody services. The support includes the FSP (Financial Services Provider’s) license is an advantage for Binance as it will enable the professional to provide the crypto custody services to the professional clients, provided that they meet the FSP conditions as outlined by FSRA (Financial Service Regulatory Authority).
Binance secures Abu Dhabi regulator's approval for crypto custody services. https://t.co/laTcnrMR52— CZ 🔶 Binance (@cz_binance) November 16, 2022
Ahmed Jasim Al Zaabi, the chairman of Abu Dhabi Global Market (ADGM), said,
We look forward to supporting Binance’s operations and R&D in ADGM to develop the solutions for the Web3 economy.
Additionally, Richard Teng, the regional head of MENA and Europe, commented,
Working with the ADGM and FSRA has been a highly collaborative process that underscores the value of cooperation between our industry and the public sector.
Adding to the collaboration, Dominic Longman, the Senior executive officer at Binance Abu Dhabi, says,
Obtaining this license was an important step in Abu Dhabi’s progressive stance on virtual assets.
Moreover, this has been another milestone for Binance after its In-Principle Approval (IPA) from the ADGM regulator to operate as a broker-dealer in virtual assets.
In other news, last week, the company also announced its plans to acquire FTX.com.