MultiversX Tracker is Live!

Abu Dhabi regulator grants trading firm Rain permission to offer crypto services

The Cointelegraph ​

Cryptocoins News / The Cointelegraph ​ 109 Views

The announcement followed crypto exchange Binance receiving similar permission from the Abu Dhabi regulator in November 2022.

The Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority has granted its financial services permission for cryptocurrency firm Rain to offer brokerage and custody services to residents. 

In a July 25 announcement, Rain said the regulatory approval will allow certain United Arab Emirates-based institutional and retail users to “buy, sell, trade, and store virtual assets” through the platform. According to Rain CEO Joseph Dallago, the trading firm has also partnered with a local bank to facilitate services under the “supervision of a local regulator and thorough legal framework” for user protection.

“This is a 5 year effort, as we were one of the first exchanges to enquire about licensure back in 2018, when the ADGM released their virtual asset framework,” said Dallago.

Related: UAE emerges as a pro-Bitcoin mining destination in the Middle East

In November 2022, crypto exchange Binance received similar regulatory permission in Abu Dhabi after being granted in-principle approval from the financial watchdog in April. The green light came amid a major crypto market crash and the collapse of several major firms, including FTX. BinanceCEO Changpeng Zhao had been attending Abu Dhabi Finance Week at the time of approval.

According to Rain’s website, the platform focuses primarily on offering crypto services across the Middle East and Turkey, with its headquarters in Bahrain. Though the ADGM Financial Services Regulatory Authority has issued approvals to both Rain and Binance, Dubai’s Virtual Assets Regulatory Authority issued notices to executives of digital asset platform Open Exchange in May and suspended BitOasis’ license in July.

Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

Magazine: Crypto City: Guide to Dubai


Get BONUS $200 for FREE!

You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.



Comments