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    Home»News»Policy & Economy»Binance Gets License to Provide Financial Services in Abu Dhabi 
    Policy & Economy

    Binance Gets License to Provide Financial Services in Abu Dhabi 

    Anietie DavidBy Anietie DavidNovember 16, 2022Updated:November 16, 2022No Comments2 Mins Read
    Binance Gets License to Provide Financial Services in Abu Dhabi 
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    Binance has been given permission to sell its financial services in the area by Abu Dhabi’s Global Market (ADGM) and Financial Services Regulatory Authority. Binance will be authorized to provide cryptocurrency custodial services to professional clients after it has satisfied the conditions for its Financial Services Permission, according to an official statement from the financial hub of the capital of the United Arab Emirates.

    Changpeng Zhao, founder and CEO of Binance, attended Abu Dhabi Finance Week before the news broke. At the occasion, Zhao shared the platform with Mike Novogratz, CEO and investor of Galaxy Digital, for a lengthy discussion that included the fallout from the ongoing FTX bankruptcy.

    After receiving in-principle clearance from ADGM in April 2022, Binance has already established a presence in Abu Dhabi. 

    @binance, one of the world's leading #blockchain and #cryptocurrency platforms, received an IPA from the #ADGM Financial Services Regulator Authority. pic.twitter.com/jhHenzaahE

    — Abu Dhabi Global Market (@ADGlobalMarket) April 10, 2022

    Consequently, the exchange was given the green light to act as a broker-dealer for cryptocurrencies and other digital assets.

    UAE Regulator Adopts Blockchain to Speed Up Commercial Judgments

    Blockchain technology has been implemented by a judicial body formed by United Arab Emirates (UAE) Federal Decree to reduce the time and expenses associated with the execution of business decisions.

    ADGM Courts, a body that serves the financial regulator Abu Dhabi Global Markets (ADGM), will use blockchain technology to assist the parties in the legal process and save a lot of time. Assessing different financial risks and handling commercial challenges in a company are both aspects of making commercial judgments. Blockchain technology will enable courts and parties to instantly obtain business judgements, simplifying the legal procedures for cross-border trade and commerce.

    Linda Fitz-Alan, the registrar and CEO of ADGM Courts, explained the new development and emphasized that the company’s main goal is to use technology to change court services. Fitz-Alan stated that its attention has now shifted to enforcement to address the urgent requirements of the global business community and to foster long-lasting reform for the justice sector. The ADGM Courts CEO also pointed out that using blockchain for commercial courts will enhance the company’s standing as a pioneer in the digitization of justice.

    ADGM Courts is an independent authority responsible for adjudicating civil and commercial disputes. The organization supports ADGM, the financial regulator operating in the capital city of Abu Dhabi.

    Abu Dhabi Binance Blockchain Economy UAE United Arab Emirates
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    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

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