Binance announced that the authorization covers trading, custody, clearing, settlement, and off-exchange services. The newly licensed structure will operate through three regulated entities: Nest Exchange for on-exchange trading, Nest Clearing and Custody for digital asset safeguarding and settlement, and Nest Trading for OTC and off-exchange activities.

Binance noted that achieving full FSRA licensing demonstrates compliance with global standards, enhances consumer protection, and aligns the company with traditional financial-market infrastructure.

Binance Becomes First Exchange to Receive All ADGM Licenses

According to the official announcement, this regulatory milestone positions Binance as the first crypto exchange to secure every major license available under ADGM. Co-CEO Richard Teng highlighted the importance of regulatory clarity and emphasized how the new framework elevates the company’s operational transparency worldwide.

“But for all intents and purposes, if you look at the regulatory sphere, I think the global regulators are more concerned of where we are regulated on a global basis.”

The licensing structure separates Binance’s activities into exchange, clearinghouse, and broker-dealer functions, aligning with ADGM’s stringent regulatory model.

Abu Dhabi Increasingly Seen as Binance’s Global Base

Binance has long avoided giving a definitive answer on where its global headquarters is located. However, Fortune reported that the three ADGM licenses strongly suggest Abu Dhabi could become the company’s de facto global headquarters. Teng declined to confirm the shift, yet his remarks pointed toward the growing relevance of the UAE’s regulatory framework.

Earlier this year, Abu Dhabi-based investment firm MGX acquired a minority stake in Binance with a $2 billion investment, demonstrating the region’s strategic focus on digital assets and blockchain development.

BNB Extends Its Rebound After Licensing Announcement

BNB reacted immediately to the regulatory news. The token rose more than 1% and extended its 24-hour rebound beyond 3%. At the time of writing, BNB is trading around $901.73, after hitting an intraday high of $908.65. Trading volume climbed nearly 25%, while CoinGlass data showed BNB futures open interest rising to $1.40 billion.

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According to Phoenix Group’s announcement, the newly formed digital asset treasury consists of 514 Bitcoin and 630,000 Solana (SOL) tokens. This reserve is considered part of the company’s long-term strategic vision.

Co-founder and CEO Munaf Ali stated:

“Holding Bitcoin and other strategic digital assets isn’t just about exposure; it’s a step that aligns with our company’s vision. We believe in the long-term value these networks represent, and our treasury strategy reflects that belief.”

In the second quarter of 2025, Phoenix Group’s shares rose by over 72%, making it one of the top five most-traded and best-performing stocks on the ADX.

Institutional Investors Are Now Looking Beyond Bitcoin

Recently, more Bitcoin mining firms have started incorporating not just BTC but also altcoins into their balance sheets. This shift indicates that institutional investors are expanding their interest beyond Bitcoin, showing growing confidence in the broader digital asset market.

A notable example is BitMine Immersion Technologies. The company revealed plans to acquire up to 5% of the total Ethereum supply. As of now, BitMine holds 625,000 ETH, representing 0.52% of the total circulating supply. This acquisition is part of a $1 billion stock buyback initiative.

Phoenix Group’s Financial Report: Mining Revenue and Asset Valuation

Phoenix Group reported a revenue of $29 million for the second quarter of 2025, along with a total of 336 BTC mined. Of this, 214 Bitcoin were generated through the company’s own mining operations. However, this figure represents a 51% drop compared to the first quarter, during which Phoenix mined 689 BTC.

Despite the decline, the company’s self-mining revenue surged by 219% over two years — rising from $13 million in the first half of 2023 to over $41.7 million in the first half of 2025. The company achieved a 31% gross profit margin from self-mining and reduced energy costs by 14%.

On the downside, Phoenix reported a non-cash loss of $29 million due to revaluations in its digital asset portfolio and adjustments under revised accounting standards. Additionally, it disclosed $16 million in outstanding debt.

Looking ahead, Phoenix Group expects a “partial rebound in asset valuations” in the third quarter, driven by recent price recoveries in key holdings such as Solana.

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A government official looking to get close to the U.S. President can at most book a few luxury hotel rooms or send a limited number of expensive gifts. However, in the world of cryptocurrencies, such boundaries are almost entirely erased. Anonymous transactions and borderless transfers can open the door to billions of dollars in income for Trump and his family.

Among the entities linked to the Trump family are currently two different “meme coins” and an exchange called World Liberty Financial, which has issued its own token. Moreover, soon anyone will be able to purchase shares of “American Bitcoin,” a crypto mining company set to be publicly traded. Behind this firm are Eric Trump and Donald Trump Jr.

Access Through the Presidency: “Crypto Gala” Raises Questions

As American Bitcoin’s IPO plans emerged, an auction for a gala dinner exclusive to $TRUMP token holders concluded on the same day. At this dinner, the top 25 investors were promised one-on-one time with Trump and a private tour of one of his clubs.

This situation is seen as one of the most blatant efforts to gain direct access to the presidency. Political ethics watchdogs say this amounts to “putting the presidency up for sale.” The emoluments clause in the U.S. Constitution clearly states that government officials cannot accept gifts from foreign governments without Congressional approval.

Just like the past “Fat Cat Hotel” scandal, donors were rewarded for their contributions. But the anonymity and vast scale offered by the crypto system far exceed anything previously seen.

Millions Flowing into Trump Coin

In the past month, investors have poured approximately $148 million into the $TRUMP token. It’s reported that 80% of the token supply is held by two entities connected to the Trump Organization, which are making millions purely through transaction fees. Following the token-related gala invitation, income from these fees alone exceeded $1.3 million.

A $2 Billion Deal From the Middle East on the Table

It was recently revealed that World Liberty Financial, operated by the Trump family, is set to receive $2 billion in deposits from a venture fund backed by Abu Dhabi. This news led to the withdrawal of a pro-crypto bill being discussed in the U.S. Senate. Even some Republicans who support the crypto sector expressed discomfort with the development.

Wyoming Senator Cynthia Lummis stated that the Trump family’s profit-driven involvement in crypto complicates the legislative process. Despite this, the Trump camp continues to deny any claims regarding the president’s personal interests. White House spokesperson Karoline Leavitt responded: “The claim that President Trump is doing anything for his own benefit is ridiculous.”

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As of May 6, over 99.97% of votes cast on the WLFI governance forum supported the plan, with over 2.6 billion votes in favor and just 901,000 votes against.

“Testing the airdrop system in a real environment is essential to ensure smart contract reliability. It also acts as a meaningful thank-you to our earliest community members,” the proposal reads.

USD1 Test Launch And WLFI’s Growth Strategy

The exact amount of USD1 to be airdropped has not been disclosed and will depend on the number of eligible wallets and available budget. No date for the airdrop has been announced. WLFI reserves the right to suspend, modify, or cancel the test at any time.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

WLFI launched the USD1 stablecoin in March 2025. Since its September 2024 debut, the firm has conducted two public token sales, raising a total of $550 million from over 85,000 registered holders.

The Global Race For Stablecoins Intensifies

The market cap of US dollar-pegged stablecoins reached $230 billion in April, according to Citigroup, a 54% increase year-on-year. Tether (USDT) and USDC continue to dominate 90% of this market.

Meanwhile, other nations are exploring their own non-dollar stablecoins. On April 28, three major Abu Dhabi institutions revealed a dirham-backed stablecoin project. And in Russia, the Finance Ministry proposed creating a national stablecoin after sanctions froze wallets linked to Garantex and Tether.

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Co-founder and CEO Munaf Ali stated that the company’s strategy focuses on securing locations with abundant and low-cost energy, with the new Ethiopian site playing a key role in long-term positioning.

Targeting Sustainable Mining With Clean Energy

The 52 MW mining facility will be developed in two phases. The first phase uses 20 MW to power 5,300 air-cooled units, delivering around 1.2 exahashes per second of mining power. The second phase — set for completion by end of Q2 2025 — will fully utilize the 52 MW, with water cooling and 2.4 exahashes per second output.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

Reza Nedjatian, CEO of the group’s mining and AI division, emphasized that the facility is powered entirely by renewable hydropower, highlighting a commitment to sustainable large-scale operations in Africa.

Phoenix Now Operates Over 500 MW Globally

After going public on the Abu Dhabi Securities Exchange (ADX) in late 2023, Phoenix Group’s IPO raised $371 million with 33x oversubscription, reflecting strong investor demand. The company’s stock quickly rose by 50%, and currently trades around $7.94.

Earlier in 2024, Phoenix completed a $187 million acquisition of Bitcoin mining equipment in one of the industry’s largest bulk purchases. Additionally, the firm has partnered with Tether and Green Acorn Investments to develop a new stablecoin pegged to the UAE dirham.

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The Malaysian government is considering the possibility of creating a cryptocurrency policy that could recognize the industry and modernize the nation’s financial system.

Malaysia’s Prime Minister Datuk Seri Anwar Ibrahim discussed a potential crypto regulatory framework with officials from Abu Dhabi and Changpeng “CZ” Zhao, the founder and former CEO of Binance, one of the world’s largest cryptocurrency exchanges. This news was reported by the New Straits Times on Sunday.

Anwar emphasized the need for Malaysia to adopt cryptocurrency-friendly regulations to keep pace with global financial developments.

A “Radical Departure from the Old Ways”

“I had lengthy discussions with the Abu Dhabi leadership and Changpeng Zhao, co-founder of the world’s largest cryptocurrency platform, Binance,” Anwar reportedly told NST at the end of his three-day official visit to Abu Dhabi.

“This is an evolution which happens quickly and requires us to be equally fast. We feel that Malaysia should not be left behind while mired in an old financial system,” he said, adding:

“This will be a radical departure from the old ways.”

Policy Changes Would Require Comprehensive Government Studies

Anwar said policymakers in the United Arab Emirates feel they can forge close cooperation with Malaysia to help the country formulate its crypto-regulating approach.

“We need to discuss this in detail, leave behind the old business model and give meaning to this digital finance policy,” he said.

Once the policy takes off, further comprehensive studies from several Malaysian authorities, including the Treasury, the Securities Commission, and Bank Negara Malaysia, would be required to address concerns, Anwar added.

“As with all new ideas raised, there will be some concerns. We have to train our personnel, develop competency, and get the players to participate.”

Recent Industry Scrutiny from Malaysia’s Securities Regulator

Anwar’s call to establish crypto-friendly regulation in Malaysia follows recent industry scrutiny from the country’s securities regulator.

On Dec. 27, Malaysia’s Securities Commission ordered major crypto exchange Bybit to cease operations in the country, accusing it of running an unregistered digital asset exchange.

The move came shortly after the same regulator added the crypto wallet service Atomic Wallet to its investor alert list of firms that are prohibited from operating in the country on Dec. 23.

An Excerpt from Malaysia’s Securities Commission’s Investor Alert List

In addition to Atomic Wallet, the alert list currently includes major industry firms such as Paxful, KuCoin, and MEXC, indicating that these platforms have operated an unregistered crypto exchange in Malaysia.

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American businessman, Eric Trump, who is the Executive Vice President of the Trump Organization and the son of U.S. presidential candidate Donald Trump, predicted that Bitcoin would one day reach $1 million.

Trump took the stage as the keynote speaker at the Bitcoin MENA event in Abu Dhabi on December 10, praising Bitcoin as a “financial paradigm” and a global asset.

He expressed his belief that Bitcoin will one day reach the $1 million mark, emphasizing the cryptocurrency’s potential to “transform the global economy in beautiful ways.”

The businessman also predicted that more governments would adopt Bitcoin in the coming years and stated that early adopters would be among those who will benefit the most.

Bitcoin Is Not Just An Investment and An Asset

In his keynote speech, Trump emphasized that Bitcoin is “not just another asset” and “not just an investment,” describing it as a “global asset.”

Eric Trump: “It’s a store of value. It’s a hedge against inflation. It’s a hedge against political turmoil, political instability, acts of God, hurricanes, fires, floods, tornadoes, guys. That’s what makes it so powerful,” he said.

Trump highlighted Bitcoin’s decentralized nature, emphasizing that it doesn’t require any intermediaries to function, in contrast to a system where “tens of thousands of bankers” charge “exorbitant fees” for credit applications and paperwork.

Eric Trump pointed out that one of Bitcoin’s key features is its scarcity, which is due to its limited supply of 21 million coins.

Eric Trump: “I can tell you a hell of a lot more eyes are going to be opened when Bitcoin hits $1 million. And I’m confident it’s going to hit $1 million. I think we’re all confident in this room that it’s going to hit a million.”

Trump is not the only one predicting that Bitcoin will surpass the $1 million price mark. Major Bitcoin advocates like Michael Saylor of MicroStrategy and Cathie Wood of ARK Invest have also highlighted Bitcoin’s potential to reach $1 million one day.

Eric Trump Compared The Adoption Of Bitcoin To The Adoption Of Email

According to Trump, the world has been somewhat slow in adopting Bitcoin, and that’s not a surprise, as other disruptive technologies, like email, also took time to gain widespread popularity.

He noted that emails, invented in 1970, took 25 years to achieve mass adoption, adding that people are “slow as hell” to adapt to new technologies.

Trump shared a story about a close friend who told him six months ago that Bitcoin is “funny money.” Coincidentally, he mentioned that the bank his friend works for is one of the big five banks in the world.

Eric Trump: “When, coincidentally, the bank that he works for is one of the big five banks in the world. They just created a crypto desk, and they’re putting hundreds of billions of dollars into cryptocurrencies or inventing ETFs every single day,” he said.

What’s Next For Bitcoin?

In addition to his bold $1 million prediction, Trump expressed his belief that Bitcoin has the power to transcend borders and institutions. He stated that those who fail to adapt to the technology will lose, and added:

Eric Trump: “We’re going to see that banks have to adapt. We’re going to see that governments have to adapt, and governments will adapt. Those who embrace Bitcoin, those who embrace this digital revolution, those who embrace digital currency, the people who come in early are going to be the people who win.”

Trump concluded his keynote address by congratulating the Bitcoin community for breaking the record and surpassing $100,000 for the first time on December 5.

“Bitcoiners, I love you. The Trump family loves you. It’s truly a great honor to be here today,” he said.

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BlackRock has also applied for an additional license to operate within the Abu Dhabi Global Market (ADGM), known as a hub for crypto firms like Blockdaemon, M2, and Laser Digital.

As AI investments in the region surge, BlackRock plans to concentrate on AI infrastructure in Abu Dhabi. Charles Hatami, BlackRock’s head of the Middle East region, stated that Abu Dhabi has emerged as a global financial center, offering a strategic location and commitment to sustainable growth, making it an attractive destination for investors.

In April 2023, Microsoft invested $1.6 billion in G42, an Abu Dhabi-based AI technology holding company, and announced the establishment of two new AI centers in September. These developments highlight Abu Dhabi’s growing status as a hub for artificial intelligence. BlackRock’s licensing further supports the UAE’s efforts to strengthen its leadership in digital finance.

With this move, BlackRock gains an opportunity to bring its global AI investments to the Middle East. Additionally, the company’s activities in the region have the potential to accelerate the development of AI infrastructure and enhance the financial and digital ecosystem in the UAE.

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Blockdaemon aims to actively participate in the UAE’s Web3 development by providing its institutional-grade infrastructure solutions within the country. This includes offering access to their node and validator infrastructure, along with their self-hosted MPC wallet technology.

Strategic Partnership with ADGM

Amor Sexton, COO of Blockdaemon, expressed the company’s enthusiasm for this expansion, highlighting it as a “significant stride” in solidifying their presence within the UAE market. Arvind Ramamurthy, Chief of Market Development at ADGM, echoed this sentiment, emphasizing their commitment to fostering a welcoming environment for Web3 companies.

“The decision of a prominent institutional-grade blockchain infrastructure company to expand in this region with ADGM underscores the progressive regulatory environment offered by our international financial center,” stated Ramamurthy. He further expressed anticipation for the growth opportunities this collaboration will unlock within the region.

Blockdaemon’s Focus on Institutional Adoption

Blockdaemon has consistently focused on developing robust infrastructure solutions tailored for blockchain protocols, catering to both crypto-native and traditional financial institutions. Their expansion into Abu Dhabi aligns with this core mission, aiming to accelerate institutional adoption of blockchain technology within the UAE.

This expansion follows a series of strategic moves undertaken by Blockdaemon to solidify their global presence. Notably, they expanded into the Asia-Pacific region in February 2022, followed by their entry into the EMEA region in March 2022. Additionally, Blockdaemon achieved unicorn status in September 2021 after securing a $155 million funding round, propelling their valuation to a staggering $1.255 billion at the time.

Blockdaemon’s continued dedication to innovation is further evidenced by their recent commitment to the Stacks software. On May 5, 2024, they joined a group of eight prominent companies to actively utilize Stacks, a leading Bitcoin layer-2 network offering smart contract functionalities.

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The application, submitted about a year ago and withdrawn on November 7, aimed to obtain permission for the company to manage a collective investment fund. However, according to the regulatory authority’s website, this application has been withdrawn.

“While evaluating our global licensing requirements, we have decided that this application is not currently necessary.”

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Markets has not commented on the matter. Binance founder CZ admitted to violating US anti-money laundering laws in November. He subsequently resigned from his post. The company agreed to pay over $4.3 billion to settle the investigation.

A Binance spokesperson said the withdrawal of the license application was unrelated to the US deal. The UAE is an important location for Binance because the company has regulatory approvals in Dubai and Abu Dhabi. Last year, Binance, which operates in Dubai, announced that it was helping shape crypto regulations.

Is Binance Downsizing?

According to U.S. court documents, former CEO Zhao is mentioned as a citizen of the UAE. It is known that he owns two properties in Dubai. The new CEO, Richard Teng, announced on Tuesday at a Financial Times conference in London that the company’s regional headquarters for the Middle East and North Africa is located in Dubai. Binance announced its withdrawal from the licensing process in Germany, and it has departed from Cyprus and the Netherlands. The company decided to cease its operations in Belgium but established a Polish entity to serve customers in Belgium in August.

The decision to leave Cyprus was stated to be a focus on fewer unregulated entities before the implementation of crypto asset regulations in the European Union. Binance revealed that it stopped accepting new users in the UK and would sell its operations in Russia. Additionally, regulators in Australia reportedly canceled the financial services license for its derivatives arm.

Last week, it was announced that the securities regulatory body in the Philippines initiated the process of blocking Binance. A Binance official emphasized that the company would continue working with regulators to provide “first-class services in the Middle East and beyond.”

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