In an effort to fight crypto hacks, Binance is reportedly building a $1 billion insurance fund
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Binance receives approval to operate in Abu Dhabi

Binance receives approval to operate in Abu Dhabi as a broker-dealer in digital assets. This approval is a clear example of how the United Arab Emirate cities have been one of the most forward-looking in terms of its crypto approach. The exchange has received the in-principle approval, which is also a significant milestone for the platform. Before this, Binance has also received approvals from Bahrain and Dubai.

Binance receives operating approval

Binance receives approval to operate in Abu Dhabi
Image Source: Binance

The ADGM (Abu Dhabi Global Market) is a financial free zone in the UAE which has played a big role in regulatory approvals and oversight of financial services in the country. So, they had an important role in helping Binance get regulatory approval to keep their operations intact in Abu Dhabi. It also resonates with the exchange’s goal to level up its regulatory game and get licenses from nations all across the globe.

Like Dubai, Abu Dhabi might also become a major hub for crypto services and businesses. The CEO of ADGM, Dhaher bin Dhaher is making sure that Binance gets all the help it needs to establish itself in the UAE.

About ADGM

Binance receives approval to operate in Abu Dhabi by ADGM
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The Abu Dhabi Global Market (ADGM) is an international financial center and free zone on Al Maryah Island in Abu Dhabi, the capital of the United Arab Emirates. The financial center was founded in 2013 and began operations in October of that year. The financial services regulator, the registration bureau, and the ADGM courts are its three authorities.

After introducing digital asset legislation in 2018, ADGM became an appealing jurisdiction for crypto firms. It joined the World Alliance of International Financial Centers the same year.

About Binance

Binance is a cryptocurrency exchange that is the largest in the world in terms of daily cryptocurrency trading volume. It was established in 2017 and is based in the Cayman Islands. Changpeng Zhao, a developer who previously designed high-frequency trading software, launched Binance.

The exchange was first founded in China but eventually relocated its headquarters due to the Chinese government’s increased control of cryptocurrencies.

What are your thoughts as Binance receives approval to operate in Abu Dhabi? And do you think that the UAE can lead the digital asset revolution? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.

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