Crypto exchange Binance continues to expand its domain as the exchange has recently acquired an operating license to offer trading services in Dubai.
Binance Acquires An Operating License From Virtual Asset Regulatory Authority (VARA) Dubai
In a recent press release issued by the exchange, Binance has announced that it had successfully acquired a “Virtual Asset License from Dubai’s Virtual Asset Regulatory Authority (VARA).” The press release states that the license will permit the exchange to operate within the Dubai “test-adapt-scale” virtual asset market model as a base to further expand in the region.
Under the initial regulatory phase, Binance will be permitted to offer limited exchange products and services to regional investors and professional financial service providers.
“Under the Virtual Asset Regulatory Authority (VARA) initial regulatory phase, which includes rigorous regulatory oversight and mandatory FATF compliance controls, Binance will be permitted to extend limited exchange products and services to pre-qualified investors and professional financial service providers.” The press release states.
Additionally, Binance will also be responsible for powering a blockchain technology hub in Dubai World Trade Centre to “seed new talent and build a vibrant blockchain ecosystem.”
Earlier this month, Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum announced a new crypto law enabling the citizens of Dubai to trade in cryptocurrencies. Along with that, Sheikh Mohammad also announced the establishment of the Virtual Asset Regulatory Authority (VARA), an organization that will be responsible for supervising and monitoring the trading of virtual/digital assets in the region.
Speaking about Binance’s Dubai expansion, the company’s CEO Changpeng Zhao added:
“Binance is appreciative of being awarded this license in such a progressive regime, targeting uncompromised governance and market security. The collaborative way in which Binance has been engaged to bring proven industry compliance leading experience to the Dubai ecosystem is indicative of the unique operating model that the VARA is creating for the global industry.”