Hassan Maishera
TL;DR
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Cryptocurrency exchange Binance has received authorization from Abu Dhabi Global Markets (ADMG) to operate under a comprehensive exchange, clearing, and brokerage framework.
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Binance’s presence in Abu Dhabi comes as the crypto exchange expands its presence globally.
Binance Obtains Full Authorization in Abu Dhabi
Binance, the world’s leading cryptocurrency exchange by daily trading volume, has obtained authorization from Abu Dhabi Global Markets (ADGM), Abu Dhabi's special economic zone for finance.
This authorization allows Binance to operate under a comprehensive exchange, clearing, and brokerage framework.
According to Binance, the approval breaks its business into three regulated components that mirror a traditional market stack in a traditional finance exchange. The company’s presence in the region will be organized under three locally incorporated entities branded as Nest. This is in accordance with ADGM's requirement as it allows the regulator to supervise each of the entities separately.
ADGM has licensed Nest Exchange to operate spot and derivative trading, and Nest Clearing and Custody has been authorized as a Recognized Clearing House with additional custody and CSD permissions, giving the regulator oversight of clearing, settlement, and asset safeguarding. Finally, the third entity, Nest Trading, has been approved as a broker-dealer covering off-exchange and OTC activity.
All three entities are controlled by Binance and serve as the licensed platforms through which Binance.com will operate in Abu Dhabi.
This latest development comes a month after Binance introduced a direct USD deposit and withdrawal service via BPay Global, allowing retail and corporate users in eligible countries to easily fund, store, and convert USD to crypto from their fiat wallet and vice versa.
