Binance Strengthens Middle East Presence with New Dubai License

Thursday, 17/03/2022 | 06:57 GMT by Arnab Shome
  • The license has been granted by Dubai’s Virtual Asset Regulatory Authority (VARA).
  • The exchange also received a license in Bahrain recently.
dubai

Binance has become one of the first cryptocurrency exchanges to gain approval from the newly established Virtual Asset Regulatory Authority (VARA) in Dubai. The exchange has been granted a Virtual Asset License, and it will be operating as a regional business.

“Binance is appreciative of being awarded this license in such a progressive regime, targeting uncompromised governance and market security,” Binance CEO, Changpeng Zhao said.

Under the new license, Binance can offer limited exchange products and services to pre-qualified investors and professional financial service providers in Dubai. In addition, it will need to ensure rigorous regulatory oversight and mandatory FATF compliance controls.

The regulator will monitor the offerings before allowing their access to the retail market.

“High standards of regulation and compliance are critical to the development and maturing of the global crypto and blockchain industry,” Zhao added.

Dubai: The Blockchain Hub of the Middle East

Dubai, one of the seven United Arab Emirates, enforced its initial regulations in the virtual asset space last week and also established a dedicated regulator, VARA. The city aims to become the digital asset hub in the region.

“Onboarding Binance within the VARA is reflective of their commitment to the Dubai agenda, to provide the global industry the certainty of governance, enabled by ‘shared industry responsibility’ and legislative security for society,” Helal Saeed Almarri, the Director-General of Dubai World Trade Centre Authority that houses VARA, said.

Meanwhile, Binance is extensively focusing on expanding its business in the Middle East. Its latest license came only days after it received approval from the Central Bank of Bahrain to operate as a crypto-asset service provider.

“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,” said Zhao.

Binance has become one of the first cryptocurrency exchanges to gain approval from the newly established Virtual Asset Regulatory Authority (VARA) in Dubai. The exchange has been granted a Virtual Asset License, and it will be operating as a regional business.

“Binance is appreciative of being awarded this license in such a progressive regime, targeting uncompromised governance and market security,” Binance CEO, Changpeng Zhao said.

Under the new license, Binance can offer limited exchange products and services to pre-qualified investors and professional financial service providers in Dubai. In addition, it will need to ensure rigorous regulatory oversight and mandatory FATF compliance controls.

The regulator will monitor the offerings before allowing their access to the retail market.

“High standards of regulation and compliance are critical to the development and maturing of the global crypto and blockchain industry,” Zhao added.

Dubai: The Blockchain Hub of the Middle East

Dubai, one of the seven United Arab Emirates, enforced its initial regulations in the virtual asset space last week and also established a dedicated regulator, VARA. The city aims to become the digital asset hub in the region.

“Onboarding Binance within the VARA is reflective of their commitment to the Dubai agenda, to provide the global industry the certainty of governance, enabled by ‘shared industry responsibility’ and legislative security for society,” Helal Saeed Almarri, the Director-General of Dubai World Trade Centre Authority that houses VARA, said.

Meanwhile, Binance is extensively focusing on expanding its business in the Middle East. Its latest license came only days after it received approval from the Central Bank of Bahrain to operate as a crypto-asset service provider.

“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,” said Zhao.

About the Author: Arnab Shome
Arnab Shome
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About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6365 Articles
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