Binance Cleared to Operate in Abu Dhabi

An official announcement from the financial centre of the United Arab Emirates confirms that Abu Dhabi's Global Market and Financial Services Regulatory Authority have granted cryptocurrency exchange, Binance, permission to offer their exchange services to citizens in the Emirates capital. The announcement comes following a visit to the capital from Binance founder and CEO, Changpeng Zhao, for Abu Dhabi Finance week which began on the 14th November this year.

This news comes as no surprise as Binance already had a stake in Abu Dhabi Cointelegraph reported in April this year that the exchange had received an 'in-principle approval' to be able to provide their services in the region. This announcement has not been without its critics, with economist, Nouriel Roubini, speaking unfavorably of the decision to allow Binance clearance to operate in his panel at Abu Dhabi Finance week. During his panel, Roubini referenced the recent collapse of FTX, discussed the ongoing investigation into the exchange by the United States Justice Department, and suggested Binance to be "a walking time bomb."

This is the latest in a series of regulatory approvals for Binance in the Middle East, as Bahrain gave the exchange approval to operate in March 2022, followed by Dubai in September of this year.