Amid Massive Turmoils, Binance Flaunts FSP License from Abu Dhabi
In the midst of the FTX debacle, Binance receives an FSP license from Abu Dhabi
Binance is the world’s leading crypto exchange, offering traders and investors a variety of digital tokens. Its trade volume makes it the world’s largest. Binance primarily provides its users with a frictionless crypto transaction experience. It also provides digital wallets for those who want to keep their digital assets safe.
However, the Binance platform is not permitted in some countries. As a result, some Binance traders’ and investors’ wallets have been temporarily or permanently frozen. However, the cryptocurrency exchange is still pushing, as evidenced by its recent achievement. Binance continues to spread its tentacles around the world. It has eventually spread to the United Arab Emirates. In the ADGM, the crypto exchange is now ready for digital asset transactions. Binance was recently granted an FSP (Financial Services Permission) by the FSRA (Financial Services Regulatory Authority) in the ADGM. With this license, the company can now offer its crypto services in the emirate’s Global Market.
For example, the company will be in charge of storing and safeguarding professional clients’ crypto assets. However, the company must meet the FSRA’s FSP requirements. Given its ADGM achievement earlier this year, the company will likely meet these requirements. The ADGM authority offered Binance an IPA in April 2022. Through this license, the company can legally provide digital currency broker-dealer services.
Countries Use Binance to Exchange Cryptocurrency with Fiat Currency
Some countries are opposed to the conversion of digital currencies to fiat currencies. Other countries face strict regulations as a result of the operation, and not all cryptocurrency investors or traders would want to follow such rules. Because Binance only allowed crypto-to-crypto transactions until recently, it was functional in a number of countries. However, there are other reasons why some countries prohibit the platform’s use, such as noncompliance with their rules and regulations.
In the meantime, the company does not have an official list of countries that it supports. However, it is present in many countries throughout Asia, Europe, the Americas, and Africa.
While there is no official list of countries in which Binance operates, it can operate in a number of them. Belgium, Germany, the United Kingdom, Italy, France, and other countries are among them. Investors anticipate that the recent success of the exchange will have a positive impact on the token in the near future. However, the market remains in the red zone until then. The Binance coin market watch is not predicting any positive news. This is evidenced by the token’s less than 1.26% 24-hour price movement at the time of writing. According to CoinMarketCap, the coin is currently trading at US$272.73.