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Mar 16, 2022
Binance Obtains Virtual Asset License to Operate in Dubai
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Leading crypto exchange platform Binance has been granted a virtual asset license to operate in Dubai. The license was issued under the Virtual Asset Regulatory Authority (VARA) initial regulatory phase, days after Bahrain granted a crypto asset service provider license to Binance.
The virtual asset license allows Binance to extend limited exchange products and services to pre-qualified investors and professional financial service providers in the country. It can now operate within Dubai's "test-adapt-scale" virtual asset model, which is the first step to further expanding its services in the region.
Getting a Stronghold in the Middle East Region
Binance to help Dubai Develop a Crypto Regulatory Framework
The recent announcement of Binance obtaining a virtual asset license is not surprising as the firm announced that it had signed a memorandum of understanding (MoU) to help the Dubai World Trade Centre Authority (DWTC) in establishing a crypto regulatory framework in December 2021.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Manisha is a content writer specializing in the crypto and blockchain space. Having around 1 year of experience in the crypto industry, she covers different types of content - articles, educative blog posts, and newsletters. The global-scale adoption of cryptocurrencies and the evolution of blockchain space fascinate her.