Binance Wins Virtual Asset License to Operate in Dubai

Daniel Attoe
Daniel Attoe

Updated · Mar 17, 2022

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Binance will now be able to operate in Dubai as a virtual asset service provider. This comes as the region explores expanding growth.

Binance in the Emirate

Binance, the world’s largest cryptocurrency exchange, has been granted an operational license by Dubai’s virtual asset regulator. The license will allow the company conduct operate within the region as it looks to widen its global spread.

The Virtual Asset Regulatory Authority (VARA) came to life recently. Dubai’s ruler announced the formation of the regulator earlier this month, saying that Dubai wishes to “participate in the design of this new and rapidly growing global sector.” VARA’s mandate covers regulating, licensing, and governance of service providers offering crypto and other digital asset services. 

Under the terms of the license, Binance can now offer exchange products and services to selected clients.

"Binance will be permitted to extend limited exchange products and services to pre-qualified investors and professional financial service providers,” the exchange said in a statement. “All licensed VARA service providers will be monitored progressively to open access to the retail market," 

Dubai is just the latest to receive an operational license under the new regulator. On Monday, fast-rising exchange FTX received a license to operate crypto derivatives within the emirate. It will now establish a regional headquarters in Dubai.

Sources.

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Daniel Attoe

Daniel Attoe

Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.

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