Despite the current market situation and insolvency issues surrounding many crypto firms, Binance’s quest for global expansion continues, this time, it is Abu Dhabi.
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Binance Expands to Abu Dhabi
The world’s largest cryptocurrency exchange has announced its expansion to Abu Dhabi after securing regulatory approval from the country’s regulators.
The expansion was announced on Wednesday, and it happened months after Binance was able to secure In-Principle Approval (IPA) from Abu Dhabi’s regulators in order to operate as a digital assets broker in the country.
This new approval will allow Binance to offer custody to customers in the UAE capital, as per the report.
“We look forward to supporting Binance’s operations and R&D in ADGM to develop solutions for the Web3.0 economy,” said Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Global Market (ADGM) regulator.
Binance’s Regional Head of MENA and Europe, Richard Teng said working together with Abu Dhabi regulators “has been a highly collaborative process that underscores the value of cooperation between our industry and the public sector.”
Binance’s global expansion has been on the rise this year especially, some weeks ago, it opened new offices in Brazil, expanded to New Zealand, and Kazakhstan.
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