Binance Unlocks the 'Nest' of Abu Dhabi
The exchange adopts a traditional market model with historic authorization from ADGM
#Binance , the giant cryptocurrency exchange, has achieved comprehensive regulatory approval from Abu Dhabi Global Market #ADGM , the special economic financial zone of #AbuDhabi
This milestone not only allows it to operate under a complete exchange, clearing, and brokerage framework but also marks a significant step towards alignment with the structure of the traditional financial market.
Regulated Tripartite Structure (Project "Nest"): Binance's operation in ADGM has been divided into three regulated local entities, reflecting the model of a traditional market, facilitating oversight by the Financial Services Regulatory Authority (FSRA).
1 Nest Exchange: Licensed as a recognized investment exchange to handle spot and derivatives trading.
2 Nest Clearing and Custody: Authorized as a recognized clearinghouse with custody and CSD (Central Securities Depository) permissions, ensuring oversight of settlement, clearing, and asset protection.
3 Nest Trading: Approved as a brokerage covering off-exchange and OTC (Over-The-Counter) activities.
Regulatory Alignment: Although they operate under the Nest brand, the three entities are controlled by Binance and will be the authorized infrastructure for Binance.com operations in Abu Dhabi. This positions Binance at the forefront of adopting the market structure standards that global regulators are demanding.
Key Statements:
Richard Teng (Co-CEO of Binance): Highlighted that the framework reflects the platform's commitment to "compliance, transparency, and user protection".
Ahmed Jasim Al Zaabi (Chairman of ADGM): Emphasized that Binance's arrival consolidates Abu Dhabi's role as a "leading international hub for innovation... and the future of finance".
