Binance, the world’s largest cryptocurrency exchange, has long eschewed a corporate headquarters — but appears to be putting down roots in Abu Dhabi. In the opening hours of Abu Dhabi Finance Week, the firm said it had secured three licenses from the financial regulator at ADGM, the emirate’s financial district, covering the exchange’s operations, clearing and custody, and broker activity.
Binance CEO Richard Teng — formerly the regulator’s chief executive — has promised to pursue more robust governance since taking over in 2023. That year, Binance agreed to a $4.3 billion settlement with the US Department of Justice, and co-founder Changpeng Zhao (better known as “CZ”) stepped down as CEO, pleading guilty to failing to implement anti-money laundering controls. Teng now shares the CEO role with Binance co-founder Yi He — CZ’s partner and an Abu Dhabi resident — and formed Binance’s first board in April 2024.
In March, Abu Dhabi technology fund MGX invested $2 billion in Binance, marking its first institutional investment. The firm employs 1,000 people, or 20% of its workforce, in the UAE.