Binance Receives FSP License In Abu Dhabi Amidst FTX Fiasco

Binance is the leading crypto exchange worldwide, with several digital tokens available to traders and investors. Its trade volume makes it the largest in the world.

Binance primarily provides a seamless crypto transaction experience to its users. It also offers digital wallets for those who wish to hold their digital assets.

However, some countries don’t support the use of the Binance platform. This fact has resulted in the temporal freezing or permanent closure of some Binance traders’ and investors’ wallets. But the crypto exchange is still pushing, evidenced by its recent achievement.

Binance Acquires Another Operational License

Binance keeps spreading its tentacles all over the globe. It has eventually stretched further to the United Arab Emirates. The crypto exchange is now ready for digital asset transactions in the ADGM (Abu Dhabi Global Market).

Recently, Binance received an FSP (Financial Services Permission) from the FSRA (Financial Services Regulatory Authority) in the ADGM. The company can now offer its crypto services in the emirate’s Global Market through this license.

For example, the company will be in charge of storing and securing the crypto assets of professional clients. However, the company must meet the FSP requirements from the FSRA.

The company will likely meet these requirements considering its ADGM achievement earlier this year. In April 2022, the ADGM authority offered Binance an IPA (In-Principle Approval). The company can legally carry out digital currency broker-dealer services through this license.

Countries Perform Crypto To Fiat Withdrawal With Binance

Some countries are not interested in the conversion of digital currencies to fiat. The operation comes with tight regulations for other countries, and not all crypto investors or traders would want to follow such rules.

The fact that Binance only permitted crypto to crypto transactions, until lately, made it functional in several countries. But there are other reasons some countries prohibit the use of the platform, such as being in incompliance with their rules and regulations.

In the meantime, the company has no official list that shows its supported countries. But it operates in many nations across Asia, Europe, the Americas, Africa, etc.

While no official list shows the countries Binance operates in, it can function in many. These countries include Belgium, Germany, the UK, Italy, France, and more.

Investors hope that the recent achievement of the exchange will positively affect the token in a short while. But until then, the market remains in the red zone.

The market watch on the Binance coin is not projecting any positive reports. This is evident from the token’s 24 hours price movement of -1.26% at the time of this piece. The coin is now trading at $272.73, as CoinMarketCap data.

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