Binance has become the first crypto exchange to obtain an operational license from VARA, the virtual assets regulator in Dubai.
Binance regulated in Dubai
Binance is undoubtedly the world’s largest crypto exchange, and its many initiatives prove it. After its failure in Europe, the CZ-based company treads new ground and obtains the operational license in Dubai. According to the announcement, qualified investors will now be able to trade assets on the platform in accordance with current standards.
This initiative marks the company’s commitment to working hand-in-hand with local regulators, but also makes it the first exchange to obtain an MVP operating license from the VARA. Recall that just last month, Dubai’s crypto markets regulator revoked the license of BitOasis.
Good news for Binance who is struggling with the SEC and with the regulation of several countries (Germany, Austria, France), sometimes forcing the company to leave the country, as was the case with Canada. Nevertheless, the exchange continues to evolve and push its grip ever further, even if things aren’t done overnight.
The crypto exchange platform strengthens its position in the United Arab Emirates
The VARA website recently updated Binance’s status. Contrary to popular belief, things weren’t quite so straightforward. Indeed, the issuing of its MVP license by the VARA comes shortly after the successful award of a provisional MVP license in March 2022 and a preparatory license in September 2022.
According to Alexander Chehade, the general manager from Binance DubaiDubai has become a hub for virtual assets in recent years. As a result, the platform is delighted to be expanding its operations there as the sector continues to grow. Note that this is the third license that the crypto company from Changpeng Zhao receives in the GCC region, after Bahrain and Abu Dhabi (via Abu Dhabi Global Market (ADGM)).
Binance continues to prove its commitment to the market and investors. Thanks to this MVP operational license, all platform users will be able to access a regulated and reliable service that puts investor security first. With this achievement, the exchange is committed to working in concert with Dubai’s VARA.
Passionate about stock market trading and cryptocurrencies, I write articles on the subject to share my experience and keep you up to date. I’m convinced that cryptocurrencies open up new perspectives and that everyone should experiment with them.
