Binance takes a step into Dubai’s crypto industry
Binance has been granted a license to conduct some operations in Dubai, announced on March 16. The Virtual Asset License enables the world’s biggest crypto exchange to operate within Dubai’s ‘test-adapt-scale’ virtual asset market model as a base for expansion into the region.
“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. All licensed VARA service providers will be monitored progressively to open access to the retail market,” according to Reuters.
“Binance will be permitted to extend limited exchange products and services to pre-qualified investors and professional financial service providers. All licensed VARA service providers will be monitored progressively to open access to the retail market,” Binance said in a statement.
Founder and CEO of Binance CZ said: “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.”
“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.”
Binance will establish a blockchain technology hub in the Dubai World Trade Centre in cultivating fresh talent and creating a thriving blockchain ecosystem.
The exchange was given the Dubai license after the Dubai Multi Commodities Center (DMCC) stated its intention to create a “crypto valley” in the UAE to promote and welcome the crypto and blockchain industries.
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