According to a report, Binance, the world’s largest cryptocurrency exchange, has been granted Financial Services Permission (FSP) by the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM).
Binance will be able to provide custody to professional clients through the FSP if they meet the FSP’s conditions as outlined by the FSRA.
Following the news, Richard Teng, MENA and Europe Regional Head, stated:
“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.”
In April 10, 2022, the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has granted Binance, the top provider of blockchain and cryptocurrency infrastructure, its In-Principle Approval (IPA) for a Financial Services Permission (FSP), allowing it to function as a broker-dealer in virtual assets.
Since introducing the first thorough and robust virtual asset regulatory framework in the world in 2018, ADGM, the International Financial Centre in the capital of the UAE, has established itself as a leading global hub and business platform for virtual asset activities for local, regional, and international organizations.