Binance obtains Abu Dhabi regulator's approval for facilitating crypto custody services

By Nikita Bameta
November 16, 2022, Updated on : Fri Dec 02 2022 06:13:11 GMT+0000
Binance obtains Abu Dhabi regulator's approval for facilitating crypto custody services
Binance has obtained a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM).
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Binance, one of the world's largest crypto exchanges by trading volume, has obtained a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) in Abu Dhabi Global Market (ADGM). The exchange now has the regulator's approval for enabling crypto custody services in the UAE.


As per a report by Zawya, the FSP will allow Binance to facilitate custody for professional clients. It, however, will require the clients to meet the conditions of the FSP, as stated by FSRA.


Ahmed Jasim Al Zaabi, Chairman of ADGM, said, “We look forward to supporting Binance’s operations and R&D in ADGM to develop solutions for the Web3.0 economy."


“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," Richard Teng, Regional Head of MENA and Europe, commented.

Earlier this year, in April, Binance received an In-Principle Approval (IPA) from the ADGM regulator to operate as a broker-dealer in virtual assets, as per the report.

The developments come amid the FTX turmoil. On November 14, Binance CEO Changpeng Zhao took to Twitter to announce a crypto recovery fund in light of the crisis.

Earlier today, in a conference held in Abu Dhabi, Zhao stated that he did not have an exact figure when it came to determining the size of the recovery fund. As per a Reuters report, he also highlighted that there was significant interest from industry players for the launch of the recovery fund.


(The article was updated to tweak the headline.)


Edited by Kanishk Singh

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