In major crypto news today, the world’s largest crypto exchange Binance on Monday confirmed receiving full authorization from the Financial Services Regulatory Authority (FSRA) of ADGM to operate its global platform and liquidity supervision. As a result, BNB bounces as traders reacted immediately to the announcement.
Binance Becomes First Crypto Exchange to Get All ADGM Licenses
Binance is the first to achieve a major milestone of securing full regulatory approval from the FSRA under Abu Dhabi Global Market (ADGM), according to an official announcement by the crypto exchange on December 8.
The global license enables Binance to offer regulated trading, custody, settlement, and off-exchange activities, mirroring traditional financial-market infrastructure. This marks a breakthrough moment that raises global standards for regulation, security, and trust.
The crypto exchange will operate through three distinct licensed entities. Nest Exchange Ltd will operate the platform’s on-exchange activities, including spot and derivatives trading. Nest Clearing and Custody Ltd to provide digital asset custody and central securities depository (CSD) services.
Also, Nest Trading will deliver Binance’s off-exchange offerings, including OTC services, conversion, and principal-based activities.
“Holding an FSRA license under their gold standard framework shows that Binance meets the highest international standards for compliance, governance, risk management, and consumer protection,” said Binance co-CEO Richard Teng.
Abu Dhabi Becomes the Headquarters of Binance with Licenses?
Binance has dodged questions about where it plans to establish a corporate headquarters. However, securing three global financial licenses within Abu Dhabi Global Market has likely made Abu Dhabi in the United Arab Emirates the headquarters, Fortune reported.
Notably, the crypto exchange’s business is separated into three to offer exchange, clearinghouse, and broker-dealer services to meet ADGM’s regulatory requirements.
While Richard Teng declined to say whether Abu Dhabi is the global headquarters, he said, “But for all intents and purposes, if you look at the regulatory sphere, I think the global regulators are more concerned of where we are regulated on a global basis.” It implies that Abu Dhabi Global Market will govern Binance’s global platform, likely setting its headquarters.
In March, Binance announced a historic $2 billion investment from the Abu Dhabi-based investment firm MGX. The firm acquired a minority stake in the crypto exchange to enter the blockchain and crypto market.
BNB Jumps 1% After Announcement
BNB price climbed more than 1% to expand its 24-hour rebound to more than 3%. The price is currently trading at $901.73, with a 24-hour low and high of $872.89 and $908.65, respectively. Furthermore, trading volume has increased by nearly 25% over the last 24 hours.
CoinGlass data showed massive buying activity in the derivatives market. At the time of writing, the total BNB futures open interest jumped almost 1.50% in the last 4 hours. This makes the 24-hour BNB futures open interest rise 0.90% to $1.40 billion.
Also Read: Best and Upcoming Crypto Airdrops in 2025
Source: https://coingape.com/binance-sets-foothold-in-abu-dhabi-with-agdm-global-license-bnb-bounces/
