UAE - Mubasher: The Abu Dhabi Global Market (ADGM) has granted Binance its in-principle approval (IPA) for a Financial Services Permission (FSP) to operate as a broker-dealer in virtual assets, the Emirates News Agency (WAM) reported.

Following this approval, Binance, a blockchain and cryptocurrency infrastructure provider, will provide its virtual asset services across the MENA region through its subsidiary Binance (AD) Limited.

In 2018, ADGM developed the world’s first virtual asset regulatory framework to become a global virtual asset hub and business platform for local, regional and international organisations.

The CEO of the ADGM Registration Authority, Dhaher bin Dhaher Al Mheiri, said: "ADGM is the largest regulated jurisdiction of virtual assets in the Middle East And Africa (MENA) region, and Binance’s participation will add to its vibrant and trusted ecosystem of virtual asset trading venues, global exchanges, and service providers."

Binance's Regional Head of MENA, Richard Teng, commented: "We look forward to working closely with them and other key Abu Dhabi stakeholders for broader deployment of our world-class offerings and services across the whole MENA region and beyond."