A day after acquiring its first Middle-East crypto operating license from the Kingdom of Bahrain, cryptocurrency exchange Binance has now secured another win after obtaining a license from Dubai authorities.
Announcing the news via a press release today, the exchange noted that it has received a Virtual Asset License that will allow it to operate within Dubai’s ‘test-adapt-scale’ virtual asset market model. Meanwhile, Binance is currently allowed to offer limited products and services due to strict regulatory requirements and FATF travel rules.
“Binance is appreciative of being awarded this license in such a progressive regime, targeting uncompromised governance and market security,” Binance CEO Changpeng Zhao said in a statement. He further noted:
“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.”
Binance is now the second exchange to be rewarded with a cryptocurrency license from Dubai. On March 15, FTX revealed that it has acquired a license from VARA and plans to set up regional headquarters in the city.
Both the cryptocurrency exchanges have received approval from Virtual Asset Regulatory Authority (VARA), a regulatory authority established by Dubai earlier this month. The regulator is designed to issue licenses and oversee the compliance system of crypto service providers operating in the United Arab Emirates (UAE).
