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Crypto licence

Binance bolsters its presence in Abu Dhabi, awarded in-principle approval

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World’s largest crypto exchange Binance was awarded an in-principle approval [IPA] in Abu Dhabi’s financial free zone enabling it to operate as a broker in virtual assets, as reported by United Arab Emirates state news agency WAM on 10th April. Dhaher bin Dhaher al-Mheiri, Chief Executive Officer of the ADGM Registration Authority, said in a WAM statement,

“We are pleased that Binance has been awarded an In-Principle Approval in the ADGM, and we are excited to support them as they work towards establishing their foothold and presence in Abu Dhabi, the capital of the UAE.”

“ADGM is the largest regulated jurisdiction of virtual assets in the Middle East And Africa [MENA] region, and Binance’s participation will add to its vibrant and trusted ecosystem of virtual asset trading venues, global exchanges and service providers,” he added.

Previously around mid March, Binance was granted licence to conduct operations in neighboring emirate Dubai along with another permit from Bahrain’s central bank granted a license on March 15.

Recently the trading platform stepped up its hiring activity, recruiting over 100 positions as it expand its operations in the UAE.

The latest move is a step forward to operating out of the Abu Dhabi Global Market [ADGM]. ADGM positioned itself as a forward-looking and dynamic jurisdiction with the introduction of its robust regulatory framework back in 2018.

Binance CEO see Dubai as base for the “foreseeable future”

The UAE, in particular, has emerged as a hot favourite for crypto exchanges. One of Binance’s top competitors FTX, secured a virtual asset service provider [VASP] license in Dubai last month. BitOasis, the first VASP to be recognized in the country, also received provisional approval from the regulatory body. Other prominent crypto firms such as Bybit and Crypto.com are expanding their presence as well. 

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Changpeng ‘CZ’ Zha, Binance’s co-founder and chief executive officer, told Bloomberg late last month that Dubai will be his base for the “foreseeable future” and that by “any common interpretation” it’s the company’s headquarters. Many of the firm’s employees will follow his lead in relocating to the high-rise minaret city in the upcoming months, he said.

Gemini Payments Become The First Fintech To Score A License From Ireland

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Leading crypto exchange Gemini Payments announced securing an e-money license from Ireland’s Central Bank. It is the first fintech to become authorized for such a license in the Republic since October 2020. By this, the trading platform joins the likes of well-known firms such as Stripe, Facebook, and Google to receive such authorization.

An Irish permit will enable Gemini to issue electronic money which it currently does in the UK thanks to its Financial Conduct Authority [FCA] authorization. The trading platform had submitted an application for a license back in 2020, partly to offset the impact of Brexit. Last year, the firm opened an office in Dublin, hiring Gillian Lynch, former chief strategy officer at Leveris, to lead its operations there.

The crypto exchange was founded by two identical twins called the Winklevoss brothers in 2014. In June 2016, Gemini became the world’s first licensed ether exchange.

Can Gemini level out the competition in the Republic?

Its biggest rival Coinbase which also has a presence in the Republic has gained a more popular fan base. Gemini on the hand aims to capitalize on its close connection with regulators. Last month, the Crypto Council for Innovation, or CCI, had announced that the trading platform would be joining its list of crypto-friendly firms aimed at supporting lawmakers on related regulation.

Data from public records through the U.S. Senate showed the exchange had declared spending a total of $120,000 on lobbying activities in the states during the third and fourth quarters of 2021 contracted with the Sternhell Group.

Peter Oakes, a former Central Bank enforcement director and founder of Fintech Ireland, said he expects Gemini will complement its new fintech license with an Irish crypto-asset registration to replicate its UK and international services. Oakes further said,

Gemini doesn’t provide services in Ireland [yet] but residents in other member states can open accounts. The combination of an e-money authorization and a virtual asset services provider registration should provide Irish consumers and corporates a fuller range of Gemini’s digital assets and non-fungible tokens services such as buying and selling, interest on accounts, payments, credit cards, and e-wallets.