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Binance Gets Legal Approval to Operate in UAE Capital Abu Dhabi

The world’s largest cryptocurrency exchange by trading volume Binance has received in-principle approval to operate in the Capital of the United Arab Emirates (UAE) Abu Dhabi.

Approval in Principle (IPA) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Markets (ADGM) allows Binance to act as a digital asset broker and dealer including including the cryptocurrency, marks another major milestone for Binance, which is scheduled to operate as a fully licensed company.

ADGM serves as an international financial freedom zone within the capital of the United Arab Emirates (UAE). ADGM introduced the world’s first comprehensive and robust virtual asset regulation framework in 2018. In response to Binance’s efforts to achieve regulatory licensing, Dhaher bin Dhaher, CEO of ADGM declare:

We are delighted that Binance has been awarded a Certificate of Principle in ADGM and are pleased to support the exchange as they work to establish their foothold and presence in Abu Dhabi.”

ADGM also shares its ambitious intention towards providing similar regulatory approvals to local and global crypto companies to further position Abu Dhabi as a hub for virtual assets and The digital economy is growing rapidly.

Especially in light of the fact that the UAE has just issued a new regulatory framework for cryptocurrencies in Dubai that aims to protect investors and designed optimally guaranteed international standards for the governance of the crypto industry in March of this year.

However, the latest nod from Abu Dhabi marks the third regulatory approval in the Middle East for Binance after Bahrain and Dubai. Moreover, this event comes just a week after the President of El Salvador met directly with CEO Changpeng Zhao to promote the adoption of Bitcoin as well as the US branch of the exchange, Binance.US successfully raised 200 million USD, raising the valuation to 4.5 billion USD.

From there, it can be affirmed that Binance is making more and more sustainable steps on the way to restoring the trust of the authorities after a year of legal challenges.