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Binance Now Has a License to Operate in Dubai

March 17, 2022
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Shiba Inu Investors Has Burned 272.5 Million $SHIB Since Yesterday Morning

Avalanche Weekly Recap | May 9 – May 15, 2022

binance dubai

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.

We're proud to announce that #Binance has expanded its presence in the Middle East, securing a license to operate in Dubai, UAE.

Read more ⬇️https://t.co/sN2bKLWTVd

— Binance (@binance) March 16, 2022

“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.

binance dubai

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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Hazel

CoinCu News

Binance Is Now Hiring Over 100 People in Dubai for its New Branch

FTX Europe is the first cryptocurrency exchange to be licensed under Dubai’s regulatory system.

Binance Is Looking To Expand Its Presence in The Middle East By Opening A Branch in Dubai.

Tags: BinancecryptoDubailicensemarketMiddle East
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  • bitcoinBitcoin(BTC)$30,135.001.50%
  • ethereumEthereum(ETH)$2,048.571.41%
  • tetherTether(USDT)$1.00-0.15%
  • cardanoCardano(ADA)$0.571.03%
  • SolanaSolana(SOL)$55.482.33%
  • dogecoinDogecoin(DOGE)$0.0898251.93%
  • tronTRON(TRX)$0.0730985.36%
  • FTX TokenFTX Token(FTT)$31.69-0.45%
  • cosmosCosmos Hub(ATOM)$11.18-0.30%
  • Axie InfinityAxie Infinity(AXS)$21.144.01%
  • TerraTerra(LUNA)$0.0001902.10%
  • FantomFantom(FTM)$0.3448321.03%
  • LINKLINK(LN)$54.000.84%