ABU DHABI GRANTS BINANCE FINANCIAL SERVICES PERMISSION, ECONOMIST HITS OUT

Last updated: June 20, 2025, 00:00 | Written by: Raoul Pal

The cryptocurrency landscape in the Middle East continues to evolve, with Abu Dhabi emerging as a significant hub for digital asset innovation. Chief among those was economist and cryptocurrency critic Nouriel Roubini, who made disparaging remarks about the regulatory clearance afforded to Binance during a separate panel at the Abu Dhabi Finance Week.In a landmark move, Binance, the world's largest centralized cryptocurrency exchange, has secured a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), the international financial center of the UAE’s capital. UAE s capital city of Abu Dhabi has granted Binance permission to offer financial services, the latest in a series of regulatory approvals for the exchange in Facebook Instagram VKontakte Youtube HomeThis clearance allows Binance to offer regulated virtual asset services, including crypto custody, to professional clients within ADGM. Abu Dhabi grants Binance financial services permission, economist hits out PANews ｜ UAE s capital city of Abu Dhabi has granted Binance permission to offer financial services, the latest in a series of regulatory approvals for the exchange in the Middle East.This is a significant win for Binance, marking another milestone in its pursuit of regulatory approvals across the globe.The license represents a major step forward for the company, solidifying its position as a key player in the burgeoning digital asset market of the Middle East.This approval allows Binance to offer a wider array of services to sophisticated investors within the ADGM jurisdiction, potentially fostering greater adoption of cryptocurrencies in the region. Abu Dhabi grants Binance financial services permission, economist hits out cointelegraph.com, UTC Abu Dhabi's Global Market (ADGM) and Financial Services Regulatory Authority have granted cryptocurrency exchange Binance clearance to offer its services in the region.However, the announcement hasn't been without its critics.Renowned economist and vocal cryptocurrency skeptic Nouriel Roubini has publicly criticized the decision, sparking a debate about the regulatory implications and potential risks associated with embracing digital assets.His outspoken disapproval adds another layer of complexity to the ongoing discussion surrounding the role of cryptocurrencies in the global financial system. Activist Investor Elliott Criticizes Southwest Again After Airline JThis article delves into the details of Binance's approval, explores the implications for the UAE's crypto ecosystem, and examines the concerns raised by Roubini and other critics.

Binance's Expansion in Abu Dhabi: A Regulatory Milestone

The granting of the Financial Services Permission (FSP) to Binance by the FSRA of ADGM is a testament to the maturing regulatory environment for cryptocurrencies in the region. Abu Dhabi s Global Market (ADGM) and Financial Services Regulatory Authority have granted cryptocurrency exchange Binance clearance to offer its services in the region.This approval allows Binance to operate as a regulated virtual asset service provider, offering a range of services to professional clients within the ADGM framework. Menu. Home; Bitcoin Chart; Cryptocurrency News; Cryptocurrency Software; Privacy PolicyThe significance of this milestone cannot be overstated, as it signals a growing acceptance of digital assets by regulatory bodies in the Middle East.

Key Aspects of the Financial Services Permission

Custody Services: Binance is now authorized to provide crypto custody services, ensuring the secure storage of digital assets for its clients.
Target Audience: The services are initially targeted towards professional clients, reflecting a cautious approach to managing potential risks associated with cryptocurrency investments.
Regulatory Compliance: The FSP requires Binance to adhere to strict regulatory standards set by the FSRA, ensuring compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.

This regulatory green light follows an initial approval granted to Binance earlier in the year, signifying a progressive and collaborative approach between the company and the ADGM authorities. Menu. Home; Bitcoin Chart; Cryptocurrency News; Live PricesIt demonstrates Binance's commitment to complying with local regulations and fostering a safe and transparent environment for digital asset trading.

The UAE's Crypto Ambitions: A Regional Hub in the Making

Abu Dhabi's decision to grant Binance this license is part of a broader strategy to establish the UAE as a leading hub for cryptocurrency and blockchain innovation.The country has been actively developing a comprehensive regulatory framework to attract digital asset companies and foster growth in the sector.The ADGM, in particular, has emerged as a key jurisdiction for crypto firms seeking to operate in a regulated environment.

Strategic Advantages of Abu Dhabi for Crypto Businesses

Regulatory Clarity: ADGM offers a clear and well-defined regulatory framework for virtual asset service providers, providing legal certainty and fostering investor confidence.
Government Support: The UAE government is actively supporting the development of the crypto industry, providing incentives and resources to attract companies and talent.
Strategic Location: Abu Dhabi's strategic location at the crossroads of Asia, Europe, and Africa makes it an ideal hub for international crypto businesses.
Financial Stability: The UAE boasts a stable economy and a robust financial system, providing a conducive environment for the growth of the crypto industry.

By attracting leading crypto exchanges like Binance, Abu Dhabi aims to position itself as a global center for digital asset innovation, attracting investment, creating jobs, and driving economic growth.This proactive approach to regulation and innovation is setting the UAE apart from other countries in the region and beyond.

Nouriel Roubini's Criticism: A Counterpoint to Optimism

While Binance's regulatory approval in Abu Dhabi has been widely celebrated as a positive development for the crypto industry, it has also drawn criticism from prominent economist Nouriel Roubini.Known for his bearish views on cryptocurrencies, Roubini has been a vocal critic of Binance and the regulatory clearance it has received in Abu Dhabi.

Roubini's Key Concerns

Lack of Transparency: Roubini argues that Binance lacks transparency in its operations, making it difficult to assess its financial health and compliance with regulations.
Regulatory Arbitrage: He accuses Binance of engaging in regulatory arbitrage, seeking out jurisdictions with lax regulations to avoid stricter oversight.
Money Laundering Risks: Roubini believes that cryptocurrencies are inherently susceptible to money laundering and other illicit activities, and that Binance's platform facilitates these activities.
Market Manipulation: He contends that the cryptocurrency market is rife with manipulation and fraud, and that Binance has not done enough to prevent these activities on its platform.

Roubini's criticism highlights the ongoing debate about the risks and challenges associated with cryptocurrencies, and the need for robust regulation to protect investors and prevent illicit activities. 2.8K subscribers in the cryptopricesalerts community. Our trackers will post any relevant info about cryptos. Wanna see more? See you onHis concerns underscore the importance of due diligence and careful consideration of the potential downsides before investing in digital assets.

Analyzing the Potential Risks and Rewards

The debate surrounding Binance's approval in Abu Dhabi raises important questions about the potential risks and rewards of embracing cryptocurrencies. Abu Dhabi s Global Market (ADGM) and Financial Services Regulatory Authority have granted cryptocurrency exchange Binance clearance to offer its services in the region.An official announcement from the United Arab Emirates capital s financial center confirmed that Binance will be cleared to offer cWhile the technology offers significant potential for innovation and economic growth, it also presents challenges related to regulation, security, and investor protection.

Potential Benefits of Cryptocurrency Adoption

Financial Innovation: Cryptocurrencies can facilitate new forms of financial services and products, such as decentralized finance (DeFi) and cross-border payments.
Financial Inclusion: Cryptocurrencies can provide access to financial services for individuals who are excluded from the traditional banking system.
Economic Growth: The crypto industry can create jobs, attract investment, and drive economic growth.
Diversification: Cryptocurrencies can offer investors a way to diversify their portfolios and potentially generate higher returns.

Potential Risks Associated with Cryptocurrencies

Volatility: Cryptocurrencies are highly volatile, and their prices can fluctuate dramatically, leading to significant losses for investors.
Security Risks: Cryptocurrencies are vulnerable to hacking and theft, and investors can lose their funds if their wallets or exchanges are compromised.
Regulatory Uncertainty: The regulatory landscape for cryptocurrencies is still evolving, and there is a risk that new regulations could negatively impact the industry.
Money Laundering and Illicit Activities: Cryptocurrencies can be used for money laundering, terrorism financing, and other illicit activities.

It is crucial to weigh these potential benefits and risks carefully before investing in cryptocurrencies.Investors should conduct thorough research, understand the technology, and only invest what they can afford to lose.

The Role of Regulation in the Crypto Ecosystem

The regulatory framework plays a critical role in shaping the future of the cryptocurrency ecosystem. UAE s capital city of Abu Dhabi has granted Binance permission to offer financial services, the latest in a series of regulatory approvals for the exchange in the Middle East. Abu Dhabi s Global Market (ADGM) and Financial Services Regulatory Authority have granted cryptocurrency exchange Binance clearance to offer its services in the region. An official announcement [ ]Effective regulation can foster innovation, protect investors, and prevent illicit activities, while overly restrictive regulation can stifle growth and drive businesses to other jurisdictions.Striking the right balance is essential for creating a thriving and sustainable crypto industry.

Key Principles of Effective Crypto Regulation

Clarity and Certainty: Regulations should be clear, concise, and easy to understand, providing legal certainty for businesses and investors.
Risk-Based Approach: Regulations should be tailored to the specific risks associated with different types of crypto assets and activities.
Innovation-Friendly: Regulations should not stifle innovation or prevent the development of new technologies and business models.
International Coordination: Regulations should be coordinated across jurisdictions to prevent regulatory arbitrage and ensure consistent standards.
Investor Protection: Regulations should protect investors from fraud, manipulation, and other harmful practices.

The ADGM's regulatory framework for virtual assets is a good example of a risk-based and innovation-friendly approach. Abu Dhabi s Global Market (ADGM) and Financial Services Regulatory Authority have granted cryptocurrency exchange Binance clearance to offer its services in the region. An official announcement from the United Arab Emirates capital s financial center confirmed that Binance will be cleared to offer cryptocurrency custodial services to professional clients once it has met the requirementsBy providing a clear and well-defined regulatory environment, ADGM is attracting crypto businesses and fostering growth in the sector.

Practical Implications for Investors and Businesses

Binance's regulatory approval in Abu Dhabi has several practical implications for both investors and businesses.For investors, it provides access to a regulated platform for trading and custody of digital assets. Abu Dhabi grants Binance financial services permission, economist hits out Abu Dhabi s Global Market (ADGM) and Financial Services Regulatory Authority have granted cryptocurrency exchange Binance clearance to offer its services in the region.For businesses, it creates opportunities to partner with Binance and develop new crypto-related products and services.

Opportunities for Investors

Access to a Regulated Platform: Investors can now trade and custody digital assets on a platform that is regulated by the FSRA of ADGM.
Greater Security: The regulated environment provides greater security for investors' funds and assets.
Wider Range of Services: Binance is expected to offer a wider range of services to its clients in Abu Dhabi, including trading, custody, and staking.

Opportunities for Businesses

Partnerships with Binance: Businesses can partner with Binance to develop new crypto-related products and services.
Access to a Large Customer Base: Binance has a large global customer base, providing businesses with access to a significant market for their products and services.
Regulatory Clarity: The regulated environment in Abu Dhabi provides businesses with greater clarity and certainty, making it easier to operate and grow.

For example, a fintech company could partner with Binance to develop a new DeFi application that is compliant with ADGM regulations. Abu Dhabi grants Binance financial services permission, economist hits out Abu Dhabi grants Binance financial services permission, economist hits out. Cryptocurrency. Published, 09Or, a traditional financial institution could use Binance's custody services to offer crypto assets to its clients.

Addressing Common Questions about Binance and Crypto Regulation

The evolving regulatory landscape and the intricacies of cryptocurrency can be confusing. While Binance looks set to begin offering its exchange services to customers in Abu Dhabi, the announcement had its detractors. Chief among those was economist and cryptocurrency critic Nouriel Roubini who made disparaging remarks about the regulatory clearance afforded to Binance during a separate panel at the Abu Dhabi Finance Week.Here are answers to some frequently asked questions:

What exactly does Binance's FSP allow them to do in Abu Dhabi?

The Financial Services Permission granted by the FSRA in ADGM allows Binance to operate as a regulated virtual asset service provider.This includes offering crypto custody services to professional clients within the ADGM jurisdiction.Basically, they can securely store and manage digital assets on behalf of their customers, which is a crucial step for institutional adoption.

Why is Nouriel Roubini so critical of Binance?

Roubini has consistently voiced concerns about the entire crypto ecosystem.He views Binance as a prime example of the issues he sees plaguing the industry: a lack of transparency, potential for market manipulation, and inadequate measures to prevent money laundering.His criticisms often stem from a fundamental skepticism about the inherent value and long-term viability of cryptocurrencies.

How does Abu Dhabi's regulatory approach compare to other regions?

Abu Dhabi's approach, particularly within ADGM, is generally considered to be progressive and relatively clear compared to some other jurisdictions. BTCUSD Bitcoin Abu Dhabi grants Binance financial services permission, economist hits out UAE's capital city of Abu Dhabi has granted Binance permission to offer financial services, the latestThey've taken a risk-based approach, aiming to balance innovation with investor protection.This is in contrast to some regions that have either banned crypto entirely or adopted a ""wait and see"" attitude with little to no regulatory guidance.

What are the risks of investing in cryptocurrencies through Binance or any other exchange?

Investing in cryptocurrencies carries significant risks. UAE s capital city of Abu Dhabi has granted Binance permission to offer financial services, the latest in a series of regulatory approvals for the exchange in the Middle East. Abu Dhabi s Global Market (ADGM) and Financial Services Regulatory Authority have granted cryptocurrency exchange Binance clearance to offer its services in the region.These include extreme price volatility, the potential for hacks and scams, and the risk of regulatory changes that could negatively impact the value of your holdings.It's essential to only invest what you can afford to lose and to do thorough research before making any investment decisions.

What does this approval mean for the future of crypto in the Middle East?

This approval is a strong signal that the Middle East, particularly the UAE, is taking cryptocurrency seriously. Binance, the world s largest centralized cryptocurrency exchange, secured a crypto custody license in Abu Dhabi, the company confirmed on Wednesday. The Financial Services Regulatory Authority (FSRA) granted Binance a Financial Services Permission (FSP).It suggests a growing acceptance of digital assets and a willingness to create a regulatory environment that fosters innovation while also protecting investors.This could lead to increased adoption of crypto in the region and potentially attract more businesses and investment.

Conclusion: Navigating the Future of Crypto in Abu Dhabi

The granting of a Financial Services Permission to Binance by Abu Dhabi marks a significant moment in the evolution of the cryptocurrency landscape. Home Crypto Wiki Abu Dhabi grants Binance financial services permission, Abu Dhabi grants Binance financial services permission, economist hits out 9:04amWhile the move has been met with enthusiasm by many, it has also drawn criticism from figures like Nouriel Roubini, highlighting the ongoing debate about the risks and rewards of embracing digital assets. Binance, the leading global blockchain services provider, has announced today that it has received a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), the international financial centre of the UAE s capital.As the UAE continues its efforts to establish itself as a leading crypto hub, it is crucial to strike a balance between fostering innovation and ensuring investor protection. Binance has acquired initial approval from Abu Dhabi s Financial Services Regulatory Authority (FSRA) to operate as a virtual asset service provider. After completing its ADGM FSRABy adopting a clear, risk-based regulatory framework, Abu Dhabi can attract businesses, encourage investment, and promote the responsible development of the cryptocurrency industry. cointelegraph.com: UAE s capital city of Abu Dhabi has granted Binance permission to offer financial services, the latest in a series of regulatory approvals for the exchange in the Middle East.The future of crypto in Abu Dhabi, and indeed the broader Middle East, will depend on navigating these challenges effectively.Key takeaways include:

Abu Dhabi is actively positioning itself as a global crypto hub.
Binance's FSP is a major step for the company and the region.
Regulation is crucial for fostering a safe and sustainable crypto ecosystem.
Critics like Roubini raise valid concerns that should be addressed.
Investors should carefully weigh the risks and rewards before investing in crypto.

As the crypto industry continues to evolve, it will be essential for regulators, businesses, and investors to work together to create a secure, transparent, and innovative environment that benefits all stakeholders.What is next for Binance in the region? ⚡ Curated Crypto Currency News ⚡Crypto Speaks To Me does not claim that curated content will be read with 100% accuracy.You can find the original post at: htOnly time will tell. Abu Dhabi grants Binance financial services permission, economist hits out Satoshi Prime Uncategorized NovemConsider doing your own research and seeking advice from a qualified financial advisor before making any investment decisions related to cryptocurrencies.Want to learn more about investing in crypto? Click here to explore resources and learn more!