Binance Continues Middle East Expansion; Gets Approval From Abu Dhabi Regulators!
Cryptocurrency exchange giant Binance was recently awarded a regulatory license to operate in Abu Dhabi, the capital of the United Arab Emirates (UAE), signaling the company's continuous expansion in the region. According to a press release by the Abu Dhabi Global Market (ADGM), Binance received in-principle approval for a Financial Services Permission (FSP) from Financial Services Regulatory Authority (FSRA). With the license, Binance will be permitted to offer limited exchange products and services to pre-qualified and professional financial service providers. Before obtaining the Dubai license, Binance secured a crypto service provider license from Bahrain's central bank, which will allow the company to offer cryptocurrency services such as trading, custody, and portfolio management to customers in Dubai, Abu Dhabi, and other cities in the UAE. Further, a few days ago, Dubai Police announced its plans to release its own collection of 150 NFTs. With the expansion of cryptocurrency exchanges in the Middle East, and the region showing an increased interest in the NFT space, the ecosystem is poised to see exponential growth. Fundamentally sound projects linked to the NFT space like Quint, Mana, Enjin, and Axie Infinity will likely enjoy Middle Eastern investors' interest. According to a statement by Binance's Head of MENA, Richard Teng: "Binance has been actively engaging global regulators, such as ADGM, as part of its ongoing commitment to uphold global standards and collectively foster the developments and sustainable growth of the crypto ecosystem." He further mentioned that Changpeng Zhao, the CEO of Binance, is contemplating making Dubai his "base for the foreseeable future."