Binance receives regulatory approval as an institutional crypto custodian in Abu Dhabi

The world’s largest crypto exchange Binance has secured permission from financial regulators in Abu Dhabi to operate as a crypto custodian for institutional clients. This is the latest crypto license for the company in the UAE.

Binance received the regulatory nod from Abu Dhabi’s Financial Services Regulatory Authority (FSRA). This body is a unit of the Abu Dhabi Global Market (ADGM), which functions as the financial center of the UAE’s capital city.

In the UAE and the Gulf countries, Binance operates as a subsidiary titled 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. He also praised what he called “the city’s progressive stance” on crypto and digital assets.

Previously, Binance has received in-principle approval from Abu Dhabi authorities to operate as a crypto broker-dealer. The latest regulatory nod on Nov. 17 expands the company’s presence in the UAE and the GCC. In April, the exchange has also received license approval from regulators in Dubai, UAE’s commercial capital.

Last December, Binance also signed a cooperation deal with Dubai World Trade Centre Authority (DWTCA), working on setting up an international virtual asset ecosystem. This government-backed Dubai project aims to set up an attractive environment for the crypto industry.