Binance, the world’s largest centralized cryptocurrency exchange, secured a crypto custody license in Abu Dhabi, the company confirmed on Wednesday.
The Financial Services Regulatory Authority (FSRA) granted Binance a Financial Services Permission (FSP). The FSP will allow the exchange to provide custody of digital assets to institutional clients in the UAE’s capital.
Binance will operate in Abu Dhabi under a subsidiary called Binance AD. Dominic Longman, Senior Executive Officer of Binance AD, said that obtaining the license “is a pivotal step in the growth of Binance in Abu Dhabi.”
“We are excited to continue to strengthen our symbiotic relationship with ADGM and the city of Abu Dhabi. We look forward to providing institutional investors with a secure and reliable platform for their virtual asset activities. This is just the beginning for Binance Abu Dhabi and we hope that, as our team grows and develops, so too...
