Binance to Start its operations in Abu Dhabi

The world's highest cryptocurrency exchange announced late Sunday that now the Abu Dhabi Global Market had given it a temporary green signal for a financial activities license.

In a declaration, Dhaher bin Dhaher, the CEO of the Abu Dhabi Global Market Registration Authority, stated that "The ADGM is the world's biggest regulated source of the law of digital assets in the Middle East and also North Africa region, and Binance's involvement will add to its lively and dependable ecosystem of digital asset trading platforms, global transactions, and network operators."

"The Abu Dhabi Global Market is the forerunner in developing a comprehensive virtual asset regulatory environment. Mainly to assist the expansion of the worldwide blockchain industry," stated Binance Middle East and North Africa's head, Richard Teng.

The ADGM, the world's largest first complete and accurate virtual investment set of regulations, was initiated in 2018. And has since served as a worldwide hub and marketing platform for virtual currency activities. Targeting mainly native, regional, and foreign governments. According to the ADGM, which is the economic hub based in the United Arab Emirates.

There are around 30 VASPs in service in the country's free zones. The Dubai Multi Commodities Centre or DMCC has 22 VASPs, the Abu Dhabi Global Market has six, and the Dubai Silicon Oasis Authority has one.

This is Binance's latest city of approval after gaining a license in Dubai the previous month. Even the country's governing authority also granted the business permission in Bahrain.

However, the corporation is subject to regulatory limitations in the United Kingdom. Even its services are restricted in Singapore due to suspected breaches of local payment services. Apart from that, there are many upcoming projects like Crypcade, point network, and Acala aiming to list on Binance to gain rapid growth.