(CNBC) The Financial Services Regulatory Authority of Abu Dhabi has granted crypto exchange Binance an “in-principle” approval to operate as a broker-dealer in digital assets.
The crypto exchange says the move is an initial step towards acquiring full regulatory approval as a virtual asset provider in the region.
Binance CEO Changpeng Zhao says more is yet to come after the latest approval, which allows the exchange to set up a shop in the Middle East.
The latest approval happens after Binance won licenses in Bahrain and Dubai as it deepens its expansion in the Middle East.
The crypto exchange is now seen changing its initial tact of operating independently of local regulations. The shift happens amid regulatory scrutiny, with the crypto exchange now seeking a regulated business.
Countries such as the UK and Singapore have restricted Binance activities, with concerns of regulation and general crypto risks highlighted.
BNBUSD is down by 2.44%
