Binance bags Virtual Asset License for limited operations in Dubai

Binance bags Virtual Asset License for limited operations in Dubai

Binance, the world’s leading blockchain, and cryptocurrency infrastructure provider, has been granted a Virtual Asset License to operate on Dubai’s ‘Test-Adapt-Scale’ virtual asset market model as a foundation for expansion into the region.

Under the initial control phase of the Virtual Asset Regulatory Authority (VARA), which retains strict regulatory oversight and mandatory FATF compliance controls, Binance will be allowed to expand its limited exchange products and services to pre-qualified investors and professional financial service providers.

All licensed VARA service providers will be monitored step by step to open access to the retail market. In addition to its exchange activities, Binance will open a blockchain technology hub at the Dubai World Trade Center to build a dynamic blockchain ecosystem with new talents.

Changpeng Zhao

Founder & CEO

Binance “High standards of regulation and compliance are critical to the development and maturing of the global crypto and blockchain industry, which is why our team has been working tirelessly to demonstrate how we meet and exceed the requirements of regulators such as the Dubai Virtual Asset Regulatory Authority.”

Mr. Zhao further added that, “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