Binance, the largest cryptocurrency exchange in the world, got Financial Services Permission (FSP) from the UAE’s Abu Dhabi Global Market (ADGM), the country’s international financial hub. As soon as Binance satisfies the criteria for its FSP, it will be able to provide crypto custodial service to institutional customers because of the license.
This comes after the ADGM gave Binance its in-principle permission in April 2022. The permission allowed the platform to function as a broker-dealer for digital assets and cryptos.
After obtaining an MVP license from Dubai’s Virtual Asset Regulatory Authority (VARA) less than two months ago, Binance has now been granted a full license to provide virtual asset-related services to eligible institutional and retail investors in Dubai.
The Central Bank of Bahrain has granted Binance a Category 4 license. It will make Binance legal for the exchange to provide services to anyone interested in digital currencies. Since its launch, Binance has expanded its service offerings and acquired licenses in several new jurisdictions.
The exchange’s Cypriot affiliate received a cryptocurrency license from the Cyprus Securities and Exchange Commission in the month of October. Binance also has authorization from European authorities in Spain, France, and Italy.