Crypto exchange platform Binance secures a virtual asset license in Dubai

Binance, the world’s largest cryptocurrency and blockchain infrastructure provider has obtained a Virtual Asset License to operate within the “test-adapt-scale” virtual asset market of Dubai. In addition, the company will be permitted to offer limited exchange products and services to professional financial service providers and pre-qualified investors. That being said, Binance will be part of the Virtual Asset Regulatory Authority (VARA) initial regulatory phase, which is responsible for mandatory FATF compliance controls and the rigorous oversight of operations. Along with exchange operations, the crypto giant will manage a blockchain technology hub in the Dubai World Trade Center (DWTC) to attract fresh talent and create a thriving blockchain system.

Changpeng Zhao, Founder and CEO of Binance, said:

High 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.

Earlier this month, Dubai announced the launch of the first-of-its-kind regulatory ecosystem that controls crypto assets, as well as the VARA mentioned earlier, becoming the first global economy to have set up a specialised regulator for the virtual assets sector. The new law aims to protect investors and design international standards to govern the virtual asset (VA) industry.

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