As of November 11, Binance held $74.7 billion worth of tokens. Image Credit: Dubai Media Office

Global blockchain services provider Binance has received a go-ahead from the Abu Dhabi Global Market (ADGM), it said on Wednesday.

The financial services permission (FSP) from the Financial Services Regulatory Authority (FSRA) will enable the blockchain giant to provide custody to professional clients.

Jasim Al Zaabi, Chairman of ADGM, said: “Our robust and transparent virtual asset regulatory framework is the backbone of ADGM’s strategy towards fostering a trusted and well-regulated environment that will pave the way for sustainable innovation within the financial sector and reinforcing the UAE’s status as a rapidly accelerating global crypto marketplace, with Abu Dhabi and the ADGM as the engine room powering this growth. We look forward to supporting Binance’s operations and R&D in ADGM to develop solutions for the Web3.0 economy.”

ADGM’s FSRA introduced the world’s first-of-its-kind comprehensive and bespoke Virtual Asset regulatory framework in 2018 to provide inclusive and robust regulations and provisions to organisations.

Richard Teng, Regional Head of MENA and Europe, Binance, added: “Working with the ADGM and FSRA has been a highly collaborative process that underscores the value of cooperation between our industry and the public sector. We look forward to seeing the continued growth and prosperity of Abu Dhabi as a leading global hub for virtual asset activities, and we commend ADGM for facilitating the development of the local blockchain ecosystem.”

In September, Binance received the Minimal Viable Product (MVP) licence from Dubai’s Virtual Asset Regulatory Authority (VARA), following the issuance of its provisional licence in March. The MVP licence means Binance can offer an approved range of virtual asset-related services to suitably qualified retail and institutional investors in Dubai within its framework for virtual asset service providers (VASPs).

VARA was established in March under the Dubai Virtual Asset Regulation Law, the first of its kind to regulate virtual assets. VARA aims to create an advanced legal framework to protect investors and set international standards for the virtual assets industry to enable responsible business growth in the Emirate.

As of November 11, Binance held $74.7 billion worth of tokens, of which around 40 per cent are in its own stablecoin and native coin, data shared by blockchain analytics firm Nansen showed.

Another crypto exchange, FTX, said in March that it has received a virtual-asset licence in Dubai and will set up a regional headquarters in the emirate.

World Cup fever

Binance is launching a new online challenge where football fans could win a share of an incredible rewards pot, including more than $1,000,000 in tokens, limited-edition NFTs and premium club experiences such as player meet-and-greets and training ground tours.

Binance ‘Football Fever 2022’ launches on November 16. To play, fans can simply start by claiming their free NFT Passports and submit an educated guess for the outcome of upcoming matches to support their favorite teams. Users can start claiming their NFT Passport from November 16 and begin rooting for their favorite team from November 16 to December 18.