ABU DHABI REGULATOR ALLOWS BINANCE TO PROVIDE CUSTODIAL SERVICES

Binance Secures Financial Services Permission from Abu Dhabi Global Market’s Financial Services Regulatory Authority (FSRA) https://t.co/CtKoWGHr5q — CZ 🔶 Binance (@cz_binance) November 16, 2022

The company will be able to provide relevant services to clients who meet FSRA requirements.

"Our reliable and transparent regulatory framework forms the basis of ADGM's strategy to create a secure and well-regulated environment, paving the way for sustainable innovation in the financial sector and reinforcing the UAE's status as a rapidly growing global crypto market," said Ahmed Jasim Al Zaabi, Chairman of ADGM.

In April, Binance received preliminary approval from the Abu Dhabi Global Market's Financial Services Regulation Authority to operate as a virtual asset broker-dealer.

In the summer, the exchange announced the launch of payment and trading services based on licenses obtained in Dubai and Bahrain.

Recall that Binance CEO Changpeng Zhao announced plans to bring together industry leaders to collaborate with policymakers and regulators.

Earlier, the platform announced the launch of a "recovery fund" designed to support industry participants affected by the FTX collapse to avoid a "cascade effect".

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