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While FTX and other crypto exchanges have gone, or are going through a liquidity squeeze, Binance seems to be coasting through just fine.
The world’s biggest crypto-exchange has secured a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM).
While the license has been granted, Binance has to fulfil certain conditions before full approval is made.
This grant is one of many given to Binance in the Middle-East, Dubai having given full clearance in September 2022 and Bahrain in March 2022.
Source: vademann
If full approval goes through, Binance will be able to provide professional custody to clients.
This will allow the crypto-exchange to hold on to a customer’s crypto and other digital assets for safekeeping and management purposes.
Abu Dhabi granted in-principle approval to Binance in April 2022, a signal to the crypto-market that the region is willing to accommodate the exchange in its economy.
This announcement came after the CEO of Binance, Changpeng Zhao, attended the Abu Dhabi Finance Week.
Appearing alongside the CEO of Galaxy Digital and investor Mike Novogratz, the panel engaged in a discussion that briefly touched upon the aftermath of the FTX bankruptcy.
Source: Maxim Hopman
After FTX collapsed due to its illiquid holdings, Binance initiated a movement that was followed by many other exchanges, where every exchange revealed their proof-of-reserves of cryptocurrency asset holdings.
In addition, the company has also set up an industry recovery fund aimed at providing financial support to exchanges that may be headed on the same path as FTX.
This article is sourced from the following links:
Abu Dhabi grants Binance financial services permission, economist hits out (cointelegraph.com)
Binance receives licence from Abu Dhabi regulator (gulfbusiness.com)
