Binance Strengthens Middle East Presence with New Dubai License

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 Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term controls.

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

“High standards of regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term 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.