Binance gets regulatory nod for institutional crypto custody in Abu Dhabi

Quick Take

  • Binance has secured a crypto custody license from financial regulators in Abu Dhabi.
  • This is the latest crypto license for the exchange in the United Arab Emirates.

Binance has secured permission from regulators in Abu Dhabi to operate as a crypto custodian for institutional clients.

The crypto exchange received the regulatory nod from Abu Dhabi’s Financial Services Regulatory Authority. This body is a unit of the Abu Dhabi Global Market, which functions as the financial center of the United Arab Emirate’s capital city.

Binance previously received in-principle approval from Abu Dhabi authorities to operate as a crypto broker-dealer. Wednesday’s regulatory nod expands the company’s presence in the UAE and the Persian Gulf at large. The exchange giant also has license approval from regulators in Dubai, UAE’s commercial capital.

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Binance’s operations in the UAE and the Persian Gulf are under a subsidiary called Binance AD. Dominic Longman, senior executive officer at Binance AD, called the license approval a “pivotal step” for the company’s growth in Abu Dhabi. Longman also praised what he called “the city’s progressive stance” on crypto and digital assets.


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About Author

Osato is a news reporter at The Block as part of the crypto ecosystems team that focuses on DAO governance, staking, blockchain layers, and DeFi. He was previously a news reporter at Cointelegraph. Based in Lagos, Nigeria, he enjoys crosswords, poker, and attempting to beat his Scrabble high score. Follow him on Twitter at @OsatoNomayo.

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