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.
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.