Binance announced this month an important news, which is obtaining a license from the ADGM Authority.
You might think you have heard about the news of the platform obtaining licenses from the VARA Authority before, so what is the difference and what is the importance of this license?
In this article, we will answer these questions.
Binance's license in Abu Dhabi
The platform announced last week that it has obtained full regulatory authorization from the Financial Services Regulatory Authority in the Abu Dhabi Global Market.
This news is significant, as Binance has now become the first platform to obtain a comprehensive license from the ADGM authority.
However, the significance of this license is greater than just being symbolic for Binance to obtain it first; it has deeper implications.
This license was granted to Binance Global, not to a local branch, which means that the Binance platform used by people around the world is the one benefiting from this license.
Moreover, this license grants Binance the ability to expand directly in the UAE under its name.
Additionally, this license may allow Binance to establish a headquarters in Abu Dhabi, which is considered a pivotal step in the future of Binance.
In addition, this license will allow the platform to access institutions and banks and interact with them better and more smoothly than before, because the Dubai license was limited to Binance Dubai, which was a subsidiary of Binance but separate from Binance Global.
It is worth noting that Binance Global has received a massive investment of $2 billion from the UAE-based MGX company, which has strengthened its presence in the UAE.
