Binance makes strides in the MENA region with its regulatory and compliance efforts
In its efforts to create a global environment for wider crypto adoption, Binance has been working continuously in various regions around the world. Recently, it received its In-Principal Approval (IPA) for a Financial Services Permission (FSP) from the Financial Services Regulatory Authority or FSRA of the Abu Dhabi Global Market. This would allow Binance to operate as a broker-dealer in virtual assets and helps in its long-term mission of establishing itself as a fully-regulated virtual asset service provider.
Virtual asset offerings through AGDM
The ADGM introduced the world’s first comprehensive and robust virtual asset regulatory framework in 2018 and has worked on establishing itself as a global hub for virtual asset activities for local and international organizations.
Binance’s Head of MENA, Richard Teng talked about the company’s active efforts of engaging global regulators such as ADGM as part of its commitment to uphold global standards and foster developments and sustainability of the crypto ecosystem.
Once the platform completes its ADGM FSRA application it will be able to offer its virtual asset offerings to customers throughout the MENA (the Middle East and North Africa) region.
Onboarding with VARA
Binance was granted a Virtual Asset License from the Virtual Asset Regulatory Authority (VARA) in Dubai. The platform will now be able to operate within the ‘test-adapt-scale’ virtual asset market model as a base for expansion in the region.
Under the VARA service providers, the initial phase, rigorous regulatory oversight, and mandatory FATF compliance control Binance would get a chance to extend limited exchange products and services to pre-qualified investors and professional financial service providers. These licensed service providers will be monitored progressively to open access to the retail market.
Additionally, Binance would also anchor a blockchain technology hub in the Dubai World Trade Centre and seed new talent in order to build a vibrant blockchain ecosystem.
Ensuring uncompromised governance and market security is a part of what Binance does, with the VARA license, Binance is bringing proven industry compliance leading experience to the Dubai ecosystem.
Binance was also granted a crypto-asset service provider license from the Central Bank of Bahrain or CBB. The license proves to be crucial for Binance as it represents its first one as a crypto-asset provider in the Cooperation Council for the Arab States of the Gulf. It also helps in demonstrating their adherence to being in regulatory compliance as the first of its group of companies in the region.
Commenting on the license CZ, the founder and CEO of Binance said that it is a milestone in their journey to being fully licensed and regulated around the world. He also commended the efforts of the Bahrain team and thanked the leadership of the Crown Prince and the Prime Minister.
With this crypto-asset license, Binance would be able to provide crypto-asset trading, custodial services, and portfolio management to customers under the Bahrain regulators.
By complying with global regulatory agencies and governments, Binance is furthering the cause for wider and much easier crypto adoption throughout the world.
For more information on Binance, please check out their official website.
Disclaimer: This is a paid post and should not be treated as news/advice.