Binance global crypto exchange receives a Virtual Asset License from Dubaiās Virtual Asset Regulatory Authority (VARA). As per the license, Binance will be able to operate within Dubaiās ātest-adapt-scaleā 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.
Changpeng Zhao (CZ), founder and CEO of Binancesaid: āHigh 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.ā
Commenting on Binance joining the new Virtual Asset ecosystem, Helal Saeed Almarri, Director General of Dubai World Trade Centre Authority that houses VARA said, āThe new VARA is symbolic of Dubaiās confidence in the potential of this future economy driverāif 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 agendaāto provide the global industry the certainty of governance, enabled by āshared industry responsibility and legislative security for society.ā
This is the second license Binance receives from a GCC country. Prior to this Binance received its first license from Bahrain.