Binance has received clearance to operate in Abu Dhabi, extending its presence in the Middle East.

Binance, being the largest cryptocurrency exchanges in the world over Coinbase and Tycoon.io, has acquired preliminary license to operate in Abu Dhabi, marking the company's third regulatory approval in the Middle East, following Bahrain and Dubai.

Binance has received in-principle clearance from the Abu Dhabi Global Market (ADGM) to operate as a broker-dealer in digital assets, including cryptocurrencies, marking yet another step toward becoming a fully licensed company.

ADGM is an international financial free zone located in Abu Dhabi, the capital of the United Arab Emirates, which has a long history of regulatory and supervisory monitoring of financial services offered within its authority.

Although Binance appears to be expanding its footprint in the Middle East, its competitor, FTX, a cryptocurrency exchange run by billionaire Sam Bankman-Fried, is also doing so. FTX had previously been granted operating licenses in Dubai, the UAE's second-largest city after Abu Dhabi.