World's biggest cryptocurrency exchange, Binance, has received a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM)

The FSP will enable Binance to provide custody to professional clients, provided they meet the conditions of the FSP as outlined by FSRA.

“We look forward to supporting Binance’s operations and R&D in ADGM to develop solutions for the Web3.0 economy,” Ahmed Jasim Al Zaabi, Chairman of ADGM, said.

Richard Teng, Regional Head of MENA and Europe, commented: “Working with the ADGM and FSRA has been a highly collaborative process that underscores the value of cooperation between our industry and the public sector.

In April 2022, Binance received its In-Principle Approval (IPA) from the ADGM regulator to operate as a broker-dealer in virtual assets.

(Reporting by Seban Scaria; editing by Daniel Luiz)