Binance said that it had become the latest firm to be granted a virtual asset license in Dubai
As AZCoin News reported, the world’s largest cryptocurrency exchange, Binance, has been awarded a crypto-asset service provider license from the Central Bank of Bahrain (CBB). The mounting regulatory pressure has had little effect on Binance’s expansion plans. To further boost its presence in the Middle East, the exchange was reportedly in talks of obtaining an operating license in Dubai.
And then,…
Binance given nod for a crypto license in Dubai
The latest news comes after the CBB granted in-principle approval to Binance. Commenting on the development, CZ said:
“#Binance has been granted a license to operate in Dubai, days after getting approval in Bahrain, further bolstering its presence in the Middle East.”https://t.co/FD53y7Mh7d
— CZ 🔶 Binance (@cz_binance) March 16, 2022
Binance said that this means it will extend limited exchange products and services to qualified investors and professional financial service providers. The license, issued under the Virtual Asset Regulatory Authority (VARA) initial regulatory phase, allows it to operate within Dubai’s ‘test-adapt-scale’ virtual asset market model as a base for expansion into the region.
In addition to growing its exchange operations, Binance will place a blockchain technology hub at the Dubai World Trade Centre to incubate new talent, it said.
This move comes as no surprise. In December, the company said it had signed a memorandum of understanding with the Dubai World Trade Centre authority to help them establish a regulatory framework for cryptocurrencies. Earlier this week, it also obtained regulatory approval in Bahrain.
Last week, Dubai announced its new agency, VARA, tasked with managing virtual assets as its leadership seeks to strengthen the city’s place in the emerging global digital economy.
Binance’s approval came quickly after FTX. The exchange operator said it plans to locate its regional headquarters in the city of Emirati once the license is granted.
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