Binance now has an agreement in principle to expand its services in Abu Dhabi

Binance is on track to operate in Abu Dhabi

After obtained a license to operate in Dubai and Bahrain, the Binance platform looks set to expand into the Persian Gulf. The latter, in fact, announced that she would come to obtain an agreement in principle to offer their services in Abu Dhabithe capital of the United Arab Emirates.

The provisional agreement was issued by the Abu Dhabi Global Market (ADGM), the body that acts as a regulator of digital asset trading in Abu Dhabi. In fact, since 2018, the ADGM is able to issue licenses related to cryptocurrency exchanges.

However, according to Riccardo Teng, Binance’s Middle East manager, the company has yet to complete the approval application process, so this is only the first step. If the Binance platform succeeds in obtaining its license, it would be able to offer its services to all of its customers located in North Africa and the Middle East via sa branch Binance (AD) Ltd.

The ADGM recognized Binance’s efforts to grow as a worldwide regulated platform :

“This deal attempt is part of Binance’s plans to establish itself as a fully regulated virtual asset provider within an internationally recognized and well-regulated financial center. “

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The United Arab Emirates, a prime destination for cryptocurrencies

The UAE appears to be a strategic destination for cryptocurrency exchangesas in addition to the license obtained in Dubai last month, Binance has also stated that it plans to implement a hub dedicated to blockchain technology directly within the Dubai World Trade Center.

At the same time, Changpeng ZhaoBinance’s CEO said Dubai could be a base of choice for its platform and could even become the city of choice for its future headquarters.

However, according to Richard Teng, Binance’s expansion into the Arab world won’t stop there :

“We look forward to working closely with ADGM and other key players in Abu Dhabi for a broader roll-out of our world-class offerings and services across the entire MENA region and beyond.”

The UAE had expressed its intention to attract the largest companies specializing in cryptocurrencies and fintech in general, and it seems to have got off to a good start.

Indeed, Binance is far from an isolated case, since FTX, the Sam Bankman-Fried platformalso announced last month that it did received a Dubai digital assets license and that it also intended to establish a regional office there. The exchange Bybit, which has over 5 million registered usersit also received an agreement in principle to be able to operate in Dubai.

As an indication, the digital economy currently represents 4.3% of the UAE’s GDPor about $ 272 million.

Sources: ADGM, Government of Dubai

👉 To go further: Binance.US reaches $ 4.5 billion valuation after raising $ 200 million

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About the author: Massimiliano Prue

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Passionate about the world of decentralized finance and the news brought by Web 3.0, I write articles for Cryptoast to help make the blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
All articles by Maximilien Prué.

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