Binance Exchange Acquired Custody Services in Abu Dhabi

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The world's largest cryptocurrency exchange has received approval from Abu Dhabi regulators to provide custodial services in the interests of professional market participants in the United Arab Emirates.

Financial Services Permit (FSP) fromThe Financial Services Regulatory Authority (FSRA) will allow Binance to provide digital asset custody services to professional clients. The decision was made with the support of Binance from the global market regulator of the capital emirate of Abu Dhabi (ADGM).

ADGM Chairman Jasim Al ZaabiZaabi said that his department is ready to support Binance's activities in the UAE and intends to promote joint research and development of solutions for the Web3.0 economy

In September, Binance received
minimum viable product license(MVP) from the Dubai Virtual Assets Regulatory Authority (VARA). The MVP license allows you to offer a regulatory-approved range of services related to virtual assets to qualified retail and institutional investors.

Exchange representatives have repeatedlycommented that Binance’s recognition as a full-fledged market participant was facilitated by its willingness to work closely with regulators, as well as the transparency of the company’s business. The Exchange declared its commitment to maintain adherence to these operating principles in the future.

The market chaos that followed the problems of the FTX exchange prompted
Binance announce the launch of external systemsauditing your Proof-of-Reserves. As of November 11, Binance held approximately $74.7 billion in crypto assets, of which approximately 40% is in its native stablecoin BUSD.