Clifford Chance advises Binance on landmark digital asset market infrastructure project

Global law firm Clifford Chance has advised Binance, the world’s largest digital asset exchange by trading volume and users, on the regulatory announcement that The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Markets (ADGM) has formally approved the authorisation of Binance’s global platform, Binance.com, under a comprehensive regulatory framework. The series of world-firsts for crypto asset spot and derivatives market infrastructure, including an exchange, a clearing house, and a broker-dealer that in combination allow execution clearing and settlement of spot crypto asset transactions and transactions in certain derivatives referencing crypto assets.

This landmark development also cements the ADGM as a leading jurisdiction in the adoption of crypto asset regulation.

Diego Ballon Ossio, Fintech partner at Clifford Chance, commented: “The crypto asset industry has come a long way, and this is a major milestone for the sector. Having a fully regulated execution, clearing and settlement venue for crypto asset related transactions demonstrates the development of this asset class and its integration into a fully supervised market infrastructure. We are immensely proud to have had the opportunity to work on this fantastic milestone."

Jack Hardman, Partner at Clifford Chance in the Middle East, commented: "It has been a privilege to deliver a top-tier international team for Binance on this strategic project. We have been grateful to work with the world-class Binance team through the process as well as the constructive and highly engaged expert team at The Financial Services Regulatory Authority (FSRA) of  ADGM. The FSRA has demonstrated its cutting edge and highly sophisticated international team focused on this sector -a terrific benefit for this mandate and the future of the region."

The cross-border Clifford Chance team was led by partners Jack Hardman and Diego Ballon Ossio, with a team of international specialists: In London, our FMI and regulatory specialists Emanuel Gutwenger, Madeleine Yates, Anastasia Mikhaleva and Akanksha Bhagat. In the UAE, Cheuk Yin Cheung, head of financial products and in Singapore partner Lena Ng. The wider team across the firm included: Yaru Chia, Ella Fellows-Moore, Ilijah Gibbs, Claudia Madrid, Brynley Hamer and Li Ma.