Binance receives Virtual Asset License to operate in Dubai

Binance (BNB/USD) was issued a Virtual Asset License to operate within Dubai's virtual asset market model ('test-adapt-scale') to expand into the region, according to a press release on PR News Wire.

The world’s biggest exchange by trading volume will be able to extend limited exchange products and services to pre-qualified investors and professional financial service providers under the initial regulatory phase as stipulated by the Virtual Asset Regulatory Authority (VARA), which provides strict regulatory oversight and compulsory FATF compliance control.

Exchange to set up blockchain tech hub in Dubai WTC

Binance will anchor a blockchain technology hub in the Dubai World Trade Centre in addition to its exchange operations. The hub will seed new talent and build a vibrant blockchain ecosystem. VARA monitors all licensed service providers progressively to provide access to the retail market.

Changpeng Zhao (CZ), founder and CEO of Binance said:

Helal Saeed Almarri, Director General of Dubai WTC Authority, which hosts VARA added:

The Virtual Asset Exchange License enables Binance to operate its regional business in Dubai within the framework of the newly proclaimed regulatory ecosystem, which underlies complex legislation and globally applicable policy frameworks.