Abu Dhabi Granted Binance Financial Services Authorization, Economist Hits Out

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Last Updated on November 17, 2022 by Bitfinsider

The Abu Dhabi Global Market (ADGM) and Financial Services Regulatory Authority have given Binance permission to sell its services in the region.

After meeting the conditions for its Financial Services Permission, Binance will be authorized to offer bitcoin custodial services to professional clients, according to an official release from the financial center of the capital of the United Arab Emirates.

Changpeng Zhao, the founder and CEO of Binance, visited the Abu Dhabi Finance Week. At the event, Zhao and Galaxy Digital CEO and investor Mike Novogratz engaged in a wide-ranging discussion about the aftermath of the ongoing FTX bankruptcy.

Binance had already established a presence in Abu Dhabi by April 2022, when ADGM awarded it preliminary approval. This allowed the exchange to function as a broker-dealer for digital assets and cryptocurrencies.

While it appears that Binance will soon begin giving its exchange services to Abu Dhabi consumers, the announcement was met with opposition. Chief among them was economist and cryptocurrency critic Nouriel Roubini, who, at a separate panel at the Abu Dhabi Finance Week, made harsh remarks regarding Binance’s regulatory clearance.

Binance got a number of regulatory licenses in several countries in 2022, with Dubai granting the green light in September of that year. In March 2022, the exchange received regulatory approval to offer its services in Bahrain.

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