The global cryptocurrency landscape is witnessing a strategic shift as major exchanges increasingly turn to the Middle East for regulatory clarity and market expansion. At the forefront of this movement is Binance, the world’s largest digital asset exchange, which has taken another significant step forward with a recent development in the United Arab Emirates (UAE).
On April 10, Bloomberg reported that Binance has received in-principle approval from the Abu Dhabi Global Market (ADGM), the financial regulatory authority in the UAE’s capital. This approval allows Binance to operate as a virtual asset broker in the region, marking a pivotal milestone in its international compliance strategy.
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Expanding Footprint Across the UAE
This latest development follows Binance’s earlier success in securing a virtual asset license from Dubai’s Virtual Assets Regulatory Authority (VARA) on March 16. With approvals now in both Dubai and Abu Dhabi—the UAE’s two largest cities—Binance solidifies its presence across the nation’s key financial centers.
Richard Teng, CEO of Binance Middle East and North Africa, emphasized that while in-principle approval has been granted, the company must still complete formal application procedures before full operational status is achieved. Once fully licensed, Binance plans to serve clients across the Middle East and North Africa (MENA) region through its subsidiary, Binance (AD) Ltd.
“Binance has been actively collaborating with global regulators like ADGM as part of our ongoing commitment to uphold international standards and jointly foster the development and sustainable growth of the crypto ecosystem,” Teng stated.
ADGM: A Rising Hub for Virtual Assets
The Abu Dhabi Global Market (ADGM) has emerged as one of the most progressive financial jurisdictions in the Middle East. As an international financial center, ADGM hosts the region’s largest regulated virtual asset framework. Dhaher bin Dhaher, CEO of ADGM Registration Authority, confirmed Binance’s in-principle approval and expressed support for the exchange’s efforts to establish a strong presence in Abu Dhabi.
This regulatory momentum underscores a broader trend: the UAE is rapidly becoming a preferred destination for cryptocurrency firms seeking clear legal frameworks and business-friendly environments. With Dubai launching VARA and Abu Dhabi strengthening ADGM’s oversight, the country is positioning itself as a leader in digital asset innovation within traditional finance systems.
Regional Expansion Beyond the UAE
Binance’s regulatory achievements aren’t limited to the UAE. The exchange has also obtained approval from the Central Bank of Bahrain, allowing it to offer crypto-related services in the island nation. These developments highlight a coordinated regional push toward embracing blockchain technology and digital assets.
But Binance isn’t alone in recognizing the potential of the Gulf region. Its primary competitor, FTX, also secured a Virtual Asset Service Provider (VASP) license in Dubai around the same time. Following the approval, FTX announced plans to set up a regional headquarters in the UAE—a move mirroring Binance’s own strategic relocation.
Dubai: The New Base for Crypto Leadership?
There are growing indications that Dubai may soon become Binance’s de facto operational hub. CEO Changpeng Zhao (CZ) revealed at the end of March that he purchased an apartment in Dubai back in September 2021 and has since relocated his family there.
CZ further indicated that a significant number of Binance employees are expected to move to Dubai in the coming months, reinforcing the city's status as a rising center for crypto innovation.
“Dubai will be our base for the foreseeable future,” CZ said, signaling a long-term commitment to the region. The combination of political stability, favorable tax policies, and forward-thinking regulation makes Dubai an attractive choice for global crypto enterprises.
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Strengthening Global Position: North America and Europe
While expanding in the Middle East, Binance is also making strides elsewhere. On April 7, Binance US announced it had raised over **$200 million** in a seed funding round, achieving a pre-investment valuation of $4.5 billion. Notable investors include RRE Ventures, Foundation Capital, Origin Capital, VanEck, and Circle Ventures—marking Binance US’s first external funding round.
Meanwhile, CZ has resumed international travel with high-level engagements in Europe. In early March, he met with government officials in London and is scheduled to speak at a major cryptocurrency summit in Paris, France—further demonstrating Binance’s re-engagement with global policymakers.
Why the Middle East Matters for Crypto
Several factors make the MENA region particularly appealing for digital asset platforms:
- Proactive regulation: Unlike many jurisdictions still formulating crypto rules, countries like the UAE and Bahrain have established dedicated regulatory bodies.
- Strategic location: Positioned between Asia, Europe, and Africa, the Gulf serves as a natural bridge for cross-border financial flows.
- Wealth concentration: High net worth individuals and sovereign wealth funds are increasingly interested in digital assets.
- Tech-forward governments: National initiatives like Dubai’s Blockchain Strategy 2030 aim to digitize government services and attract tech investment.
These elements combine to create fertile ground for crypto adoption and institutional participation.
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- VARA license
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- Binance expansion
FAQs:
Q: What does Binance’s ADGM in-principle approval mean?
A: It means Binance has received preliminary regulatory clearance from Abu Dhabi Global Market to operate as a virtual asset broker, pending final documentation and compliance checks.
Q: Can retail users in the UAE access Binance services now?
A: While approvals are progressing, full retail access depends on final licensing. Currently, services may be limited to qualified investors and professional financial entities.
Q: Is Binance moving its headquarters to Dubai?
A: Though not officially declared, CEO CZ has relocated to Dubai with his family, and many employees are expected to follow, suggesting a strong operational shift toward the city.
Q: How does ADGM compare to other global crypto regulators?
A: ADGM is recognized for its robust legal framework and alignment with international financial standards, making it one of the most credible regulators in the Middle East.
Q: Are other exchanges entering the UAE market?
A: Yes, FTX and several other major platforms have also obtained or applied for licenses under VARA and ADGM, confirming the UAE’s growing importance in global crypto infrastructure.
Q: What impact does this have on crypto adoption in the region?
A: Regulatory clarity encourages institutional investment, drives innovation, and increases public trust—key ingredients for widespread crypto adoption across banking, payments, and asset management.
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As regulatory frameworks mature and major players establish regional footholds, the Middle East is poised to become a cornerstone of the next phase of cryptocurrency growth—an evolution led by strategic moves from industry giants like Binance.