Binance, the world’s largest cryptocurrency exchange, has received in-principle approval from the Abu Dhabi Global Market to operate as a broker-dealer in virtual assets in the UAE capital.
After completing its application process for full licensing, Binance will be able to offer its virtual asset services to customers across the Middle East and North Africa region through its subsidiary Binance (AD) Limited, the company said on Sunday.
"ADGM is the largest regulated jurisdiction of virtual assets in the Mena region and Binance’s participation will add to its vibrant and trusted ecosystem of virtual asset trading venues, global exchanges and service providers," said Dhaher bin Dhaher, chief executive of the Registration Authority at Abu Dhabi Global Market.
Binance is seeking to expand its presence in the Middle East, following approvals in Bahrain and Dubai, as it seeks to cash in on the region's interest in cryptocurrencies.
Last month, the exchange secured a virtual asset licence to operate in Dubai after the emirate outlined clear regulations to govern emerging technology sectors such as cryptocurrencies in an effort to safeguard investors.
The company also won regulatory approval from the Central Bank of Bahrain last month to operate as a crypto-asset service provider in the kingdom.
Binance was founded in China in 2017 and has its headquarters in the Cayman Islands and Seychelles. The exchange has faced increased regulatory scrutiny in the US, UK, Europe and China and has taken steps to improve its relationship with regulators.
"Binance has been actively engaging global regulators, such as ADGM, as part of its ongoing commitment to uphold global standards and collectively foster the developments and sustainable growth of the crypto ecosystem," said Richard Teng, head of Mena for Binance, who was previously chief executive of ADGM.
"We look forward to working closely with ADGM and other key Abu Dhabi stakeholders for broader deployment of our world-class offerings and services across the whole Mena region and beyond.”
Cryptocurrency adoption today accounts for only 4 per cent to 5 per cent of the global population, while less than 1 per cent of global wealth is invested into this asset class, figures compiled by Binance show.
The UAE is quickly emerging as a preferred destination for crypto exchanges. Last month, global cryptocurrency exchange FTX said it received a virtual asset licence to set up regulated trading and clearing services in Dubai. Cryptocurrency exchange Bybit, which has more than two million registered users, also received an in-principle approval to conduct virtual assets business in Dubai.
The digital economy contributes about 4.3 per cent to the UAE’s gross domestic product, which is equivalent to Dh100 billion ($27.2bn), government figures show.
UAE currency: the story behind the money in your pockets
The five pillars of Islam
More coverage from the Future Forum
Company Profile
Company name: NutriCal
Started: 2019
Founder: Soniya Ashar
Based: Dubai
Industry: Food Technology
Initial investment: Self-funded undisclosed amount
Future plan: Looking to raise fresh capital and expand in Saudi Arabia
Total Clients: Over 50
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The details
Colette
Director: Wash Westmoreland
Starring: Keira Knightley, Dominic West
Our take: 3/5
UAE currency: the story behind the money in your pockets
More from Rashmee Roshan Lall
UAE currency: the story behind the money in your pockets
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
Torque: 730Nm
Price: Dh649,000
On sale: now
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
%3Cp%3EBy%202030%2C%20Abu%20Dhabi%20aims%20to%20achieve%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%2039.3%20million%20visitors%2C%3C%2Fstrong%3E%20nearly%2064%25%20up%20from%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%20Dh90%20billion%20contribution%20to%20GDP%2C%3C%2Fstrong%3E%20about%2084%25%20more%20than%20Dh49%20billion%20in%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%20178%2C000%20new%20jobs%2C%3C%2Fstrong%3E%20bringing%20the%20total%20to%20about%20366%2C000%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%2052%2C000%20hotel%20rooms%2C%3C%2Fstrong%3E%20up%2053%25%20from%2034%2C000%20in%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%207.2%20million%20international%20visitors%2C%3C%2Fstrong%3E%20almost%2090%25%20higher%20compared%20to%202023's%203.8%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%203.9%20international%20overnight%20hotel%20stays%2C%3C%2Fstrong%3E%2022%25%20more%20from%203.2%20nights%20in%202023%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
Defending champions
World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
International Invitational: Speranza 22
International Vets: Joining Jack
6.30pm: Al Maktoum Challenge Round-3 Group 1 (PA) | US$95,000 | (Dirt) 2,000m
7.05pm: Meydan Classic Listed (TB) ) | $175,000) | (Turf) 1,600m
7.40pm: Handicap (TB) ) | $135,000 ) | (D) 1,600m
8.15pm: Nad Al Sheba Trophy Group 3 (TB) ) | $300,000) | (T) 2,810m
8.50pm: Curlin Handicap Listed (TB)) | $160,000) | (D) 2,000m
9.25pm: Handicap (TB)) | $175,000) | (T) 1,400m
10pm: Handicap (TB) ) | $135,000 ) | (T) 2,000m
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Neymar's bio
Total club appearances 411
Total goals scored 241
Appearances for Barca 186
Goals scored for Barca 105
Honeymoonish
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Elie%20El%20Samaan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENour%20Al%20Ghandour%2C%20Mahmoud%20Boushahri%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
MATCH INFO
Delhi Daredevils 174-4 (20 ovs)
Mumbai Indians 163 (19.3 ovs)
Delhi won the match by 11 runs
