Binance, the world’s largest cryptocurrency exchange, secured a triple license under the Abu Dhabi Global Market (ADGM), a move that further positions the exchange as a leader in the crypto industry.
On Monday, Dec. 8, Binance’s founder Chanpeng Zhao took to X to disclose the major milestone, revealing that Binance has officially become the first cryptocurrency exchange in the world to receive a full suite of global licenses under the ADGM regulatory framework.
Binance achieves three licenses from FSRA
Following this major milestone, Binance has achieved three separate licenses from the Financial Services Regulatory Authority (FSRA) of ADGM.
As such, Binance will operate three different licensed entities, which includes Nest Services Limited, Nest Clearing and Custody Limited, and BCI Limited.
Notably, the approved licenses offer Binance the opportunity to operate under the most comprehensive regulatory frameworks with which any global crypto platform has ever operated.
With these, Binance has become a step ahead to building the most secure, transparent and trustworthy cryptocurrency exchange across the globe.
Apart from Binance, the approval also marks a crucial milestone for the broad crypto ecosystem. Binance’s CEO Richard Teng explained this, emphasizing that the approval provides the regulatory clarity and legitimacy needed to support Binance’s global operations, giving users worldwide greater confidence in the exchange’s long-term stability.
Binance expands its global footprint
According to the announcement, the ADGM regulatory framework is globally respected across the the traditional and digital global markets. Hence, the license propels Binance for further expansion as it allows the exchange to seamlessly access multiple markets across the global space.
With Binance now holding an FSRA license under the Abu Dhabi regulatory framework, the exchange is considered to have duly met the highest international standards in governance, risk management and consumer protection.
Interestingly, the announcement has come shortly after the exchange celebrated hitting a massive 300 million users across the globe. Thus, Binance has continued to establish its foothold as a leader among all cryptocurrency exchanges in the world.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team