Major cryptocurrency exchange Binance continues to strengthen its position in the Middle East, and has now obtained a license to operate in Dubai, the company said in a press release on 16 March
According to the announcement, the newly obtained crypto service provider license will allow Binance to set up an office in Dubai, and provide limited digital asset exchange services to pre-qualified investors and professional financial services firms. Regulators in Dubai will closely monitor the exchange’s operation with the goal of eventually opening access to the retail market. Binance’s founder and CEO, Changpeng “CZ” Zhao, said in a statement:.
“Binance is appreciative of being awarded this license in such a progressive regime, targeting uncompromised governance and market security. 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.”
The license was granted by Dubai’s Virtual Asset Regulatory Authority (VARA), which was established alongside the United Arab Emirates (UAE) new virtual assets law by prime minister Sheikh Mohammed bin Rashid Al Maktoum earlier this month. The first crypto company to receive the license however was FTX, which announced the development back on Tuesday.
This is not the first crypto license Binance has received in the Middle East this week. On 15 March, the exchange was granted a crypto-asset service provider license by the Central Bank of Bahrain, enabling it to provide regulated trading, custody, and portfolio management services to the citizens of Bahrein.