The Binance exchange has received a license in principle to operate in Abu Dhabi. Earlier, the company received regulatory approval in Bahrain and Dubai.
The Abu Dhabi Global Market (ADGM) approval in principle allows Binance to operate as a broker-dealer of digital assets.
The ADGM serves as an international free financial zone in the capital of the United Arab Emirates, which has historically played an important role in regulating financial markets.
The regulator also said it will grant similar approvals to both local and global cryptocurrency companies to further position Abu Dhabi as a “fast-growing center for virtual assets and the digital economy.”
ADGM CEO Daher bin Daher also welcomed the move, pledging to help Binance in its efforts to establish a presence in Abu Dhabi.