Binance has obtained approval to operate in Abu Dhabi, helping the cryptocurrency exchange to expand in the Middle East.
The company said it was given approval “in principle” by the Financial Services Regulatory Authority of Abu Dhabi Global Market to operate as a broker-dealer in digital assets.
Binance said the move is an initial step toward becoming a “fully-regulated virtual asset service provider” in the city.
It’s the second Middle East city Binance has secured approval from — the company received a crypto license in Dubai in March.
Binance has been pushing into the Middle East market after getting shut out of many markets in Europe and Asia.
In the United Kingdom, regulators placed restrictions on the firm, barring it from undertaking any regulated activity. In Singapore, it limited its service after the country’s central bank warned it may be in violation of local payment laws.
Binance has been known for operating independently of local regulations. The company currently has no official headquarters. However, in response to pressure from global regulators, Binance has said it wants to become a regulated business and is looking where to establish a global head office.
