Crypto Exchange Binance Obtains Full Virtual-Asset Services Provider License in Dubai

Twitter icon  •  Published 4 weeks ago  •  Hassan Maishera

Cryptocurrency exchange Binance has received a full Virtual-Asset Services Provider license in Dubai, allowing it to provide services to retail and institutional clients in the city.

TL;DR

  • Binance has secured a full crypto services license in Dubai.

  • The full license was issued a year after the crypto exchange received its existing minimum viable product license.

Binance Now Fully Licensed in Dubai

Binance, the world's largest crypto exchange by trading volume, announced that it has obtained a full virtual-asset services provider (VASP) license from Dubai's Virtual Assets Regulatory Authority (VARA).

This latest development comes almost a year after the exchange entered the third stage of the emirate's four-stage process. While commenting on this latest development, CEO Richard Teng, said,

"As we secure the esteemed full market VASP Licence, it notably amplifies our unwavering commitment to advancing the financial landscape through compliance and innovation. This achievement embodies our dedication to transparency, regulatory compliance, and responsible growth in the dynamic digital assets domain."

VARA issued Binance's local unit, Binance FZE, an Operational MVP license in mid-2023. The license allowed the crypto exchange to serve institutional investors and qualified investors while engaging in broker-dealer services and exchange services,

Binance FZE General Manager Alex Chehade pointed out that the full VASP license indicates Dubai's position as a forward-thinking city as it acknowledges and embraces the financial potential that blockchain technology brings. 

According to a Bloomberg report, the full license was issued after Binance's co-founder and former CEO, Changpeng "CZ" Zhao agreed to give up voting control with the local unit.

Next article io.net and Synesis One Partner to Elevate AI Model Development

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.