Crypto giant Binance is strengthening its presence in the Middle East by getting the green light from Abu Dhabi
The company secured approval in Dubai last month and now has principal approval in its second Middle Eastern country.
Binance said it was given approval “in principle” by Abu Dhabi regulators to operate as a broker-dealer in digital assets.
The crypto exchange has been notorious for operating independently of local regulations, but after global pressure, it wants to become a regulated business.
The company has been pushing into the Middle East market after getting a frosty reception in other places
Binance CEO Changpeng Zhao said the company is “not shunned elsewhere” and that there’s “more to come”
Several crypto companies, including Crypto.com are looking to Gulf states like the UAE as a destination to grow digital assets
