Binance global crypto exchange receives a Virtual Asset License from Dubai’s Virtual Asset Regulatory Authority (VARA). As per the license, Binance will be able to operate within Dubai’s ‘test-adapt-scale’ virtual asset market model as a base for expansion into the region.
This is the same license that FTX received a day before.
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. In addition to exchange operations, Binance will anchor a blockchain technology hub in the Dubai World Trade Centre to seed new talent and build a vibrant blockchain ecosystem.
Commenting on Binance joining the new Virtual Asset ecosystem, Helal Saeed Almarri, Director General of Dubai World Trade Centre Authority that houses VARA said, “The new VARA is symbolic of Dubai’s confidence in the potential of this future economy driver—if introduced with prudence and legitimacy. To this end, our regime is structured to catalyze collaboration, foster innovation, and most critically secure public interest. 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.”
This is the second license Binance receives from a GCC country. Prior to this Binance received its first license from Bahrain.