Binance – the globally recognized crypto exchange, trading volume-wise – reportedly managed to snatch an in-principle greenlight to function in Abu Dhabi, which is the third clearance it received in the Middle East. 

Specifically, The in-principle approval from the Abu Dhabi Global Market (ADGM) reportedly makes it legally possible for Binance to function as a broker-dealer in digital assets, covering crypto. 

This development is an additional milestone for the crypto exchange, which is working towards its goal of functioning as a fully-licensed company.

ADGM reportedly operates as a global financial free zone within the capital of the United Arab Emirates, which historically took up a vital part, in terms of regulatory and supervisory supervision of the financial services provided within its jurisdiction.

“The IPA is part of Binance’s plans in establishing itself as a fully-regulated virtual asset service provider in an internationally recognized and well-regulated financial center.” ADGM further claimed as reciprocation for Binance’s efforts to obtain regulatory licenses across the sphere. 

The ADGM additionally made its intention public, regarding the offering of regulatory approvals of the same kind for establishments operating in the region and global names as well, to further position Abu Dhabi as the “fast-growing virtual assets hub and digital economy.”

Dhaher bin Dhaher, Head of ADGM, reportedly also shared his welcoming attitude towards the initiative, via making a promise to provide assistance for Binance’s efforts to establish its presence in Abu Dhabi.

Besides Binance, high-profile crypto exchange FTX has previously been successful in securing operational licenses in Dubai, the second biggest city in the UAE after Abu Dhabi.