Binance has secured three new licences in Abu Dhabi, tightening its grip on one of the most ambitious digital asset hubs in the Middle East and giving the exchange a powerful regulatory base as it pushes to keep institutional money on side.
The Financial Services Regulatory Authority of Abu Dhabi Global Market has approved Binance.com to operate through a trio of regulated entities that together cover exchange, clearing and broker dealer activities.
Nest Clearing and Custody Limited has been approved as a recognized clearing house with added custody and securities depository permissions, putting it in charge of clearing, settlement and safekeeping of digital assets.
Under the new structure, Nest Services Limited, which will be renamed Nest Exchange Limited, has been approved as a recognized investment exchange with permission to run a multilateral trading facility. It will host Binance’s on exchange business, including spot and derivatives markets.
The company says the approvals give it a cleaner path into multiple markets beyond the UAE and help it present itself as a more predictable counterparty to institutions that have grown wary of loosely regulated venues after a series of blow ups. Richard Teng, Binance’s co-chief executive and a former senior executive at Abu Dhabi Global Market, said in a statement that working under the authority’s regime reflects a commitment to compliance, transparency and user protection.
Binance has described the package as a comprehensive regulatory framework for Binance.com and a global first for the platform.
