Binance has secured permission from regulators in Abu Dhabi to operate as a crypto custodian for institutional clients.
The crypto exchange received the regulatory nod from Abu Dhabi’s Financial Services Regulatory Authority. This body is a unit of the Abu Dhabi Global Market, which functions as the financial center of the United Arab Emirate’s capital city.
Binance previously received in-principle approval from Abu Dhabi authorities to operate as a crypto broker-dealer. Wednesday’s regulatory nod expands the company’s presence in the UAE and the Persian Gulf at large. The exchange giant also has license approval from regulators in Dubai, UAE’s commercial capital.
Binance’s operations in the UAE and the Persian Gulf are under a subsidiary called Binance AD. Dominic Longman, senior executive officer at Binance AD, called the license approval a “pivotal step” for the company’s growth in Abu Dhabi. Longman also praised what he called “the city’s progressive stance” on crypto and digital assets.