Cryptocurrency exchange Binance has received ‘in-principle’ approval in Abu Dhabi to operate as a digital asset broker-dealer.
The exchange received approval from the Financial Regulatory Services Regulatory Authority of Abu Dhabi in what is seen as an expansion in the Middle East.
The company says that the license is the preliminary step towards becoming a completely regulated virtual asset service provider in the UAE.
Abu Dhabi is the second city to give the exchange a warm reception in the country after Dubai. The Central bank of Bahrain also recently authorized the firm.
Binance has not been able to crack the UK market after facing restrictions from the local authorities. The firm also limited its services in Singapore, citing the national bank’s rules.
Binance Global has been searching for a headquarters in a change of stance from its previous tendency to operate independently of the local regulations.