As part of its numerous efforts towards expansion, Binance has gained a Financial Services Permission (FSP) in the Abu Dhabi Global Market (ADGM). As revealed, the Financial Services Regulatory Authority (FSRA) gave Binance the approval.
With the approval, Binance will offer custody services to professional clients. However, the clients must meet the guidelines of Financial Service Permission as stipulated by the Finacial Services Regulatory Authority.
The innovation has attracted notable reactions. Among them is the submission of the chairman of ADGM, Ahmed Jasim Al Zaabi. The chairman said “We look forward to supporting Binance’s operations and R&D in ADGM to develop solutions for the Web3.0 economy.”
Also, the Regional Head of MENA and Europe, Richard Teng said “Working with the ADGM and FSRA has been a highly collaborative process that underscores the value of cooperation between our industry and the public sector.”
Binance increasing effort towards global adoption of cryptocurrency
Binance has been a major crusader in the cryptocurrency sphere for its persistent efforts towards global expansion. The exchange is a leading advocate for the mainstream adoption of cryptocurrency. In numerous countries, the world’s largest crypto trading platform has gained regulatory approval. Therefore, earning the firm a reputable status in the industry.
In October, Binance expanded its outreach to Cyprus after gaining Class 3 registration as a Crypto Asset Services Provider (CASP). The cryptocurrency exchange gained the approval from Cyprus Securities and Exchange Commission (CySEC).
Additionally, the approval will aid Binance to provide crypto services including spot, custodian, staking and card services. This will come in compliance with the stipulations of the CySEC’s anti-money laundering and counter-terrorism financing regulations.
In May, Binance made major headlines after gaining regulatory approval in France. With the innovation, France emerges as the first top country in Europe to provide approval to the crypto trading outfit. Then, the firm became listed as a digital asset service provider by the French stock market watchdog AMF. Thus, aiding it to provide trading and custody services for Bitcoin and other cryptocurrency assets.
Meanwhile, aside from seeking regulatory approval, Binance has intervened in numerous situations to protect users in the crypto market. Through its business ventures, Binance Labs, the cryptocurrency exchange has set up funding initiatives for different courses that are aimed at advancing the industry.