Mark Weaden
Global cryptocurrency exchange Binance continues to extend its operations with approval from Abu Dhabi, as was confirmed by the company CEO via Twitter on April 10th. The tweet was accompanied by the message “more to come”.
The company has obtained a provisional licence from Abu Dhabi regulators, with details still yet to be confirmed. Binance confirmed on Sunday that it was given “in principle” an approval from the Financial Services Regulatory Authority of Abu Dhabi Global Market to offer broke-dealer services for digital assets.
Furthermore, the company confirmed the initial step toward becoming a “fully-regulated virtual asset service provider” in the capital city. Just last month the company was approved to set up its operations in Dubai, with the Bahrain central bank also authorising Binance to set up business there.
However, Binance has faced issues setting up operations in various countries and remains banned in nations like China, Japan, Thailand, and to an extent the United Kingdom. But, with the new licences, the company will extend its digital asset exchange services to the Middle Eastern market.
Difficulty Getting Approval For Crypto Giants
Abu Dhabi giving Binance the green light is a big reason to celebrate, after receiving a series of pushbacks from various governments. In the United Kingdom, regulators have placed restrictions on the firm’s operations, putting an end to access to Binance services for British citizens.
There has been speculation around the difficulties Binance has faced setting up operations in certain countries has caught the attention. The CEO of Binance, Chanpeng Zhao, responded to a tweet from CNBC, stating the company was “not shunned elsewhere” and that there is “more to come.”
The company has undergone major adjustments to how the business operates to stay in line with new international cryptocurrency regulatory standards. The company wants to take Binance to the top and become a regulated business. A big part of that is ensuring it complies with governmental regulations.
Binance Continues To Develop
Binance continues to lead the industry, with an estimated 24 billion in trade volume on April 7th, 2022, which eclipses the second biggest exchange by trading volume OKX, at just over 6 billion. Binance supports more than 500 cryptocurrencies and continues to add altcoins as they build momentum in the market.
Binance has been expanding its services into the NFT market, with its latest feature the NFT Mini App. The Binance NFT Marketplace has been adapted into a mobile-friendly version to elevate the NFT experience. Users can access the services in a simple and intuitive design, allowing users to seamlessly navigate through the full range of Binance NFTs.
