Binance Acquires Operating License in Dubai
- The newly acquired crypto service provider license will allow Binance to provide limited exchange services to pre-qualified investors and financial services firms.
- The exchange will now be monitored closely by Dubai’s regulators with the goal of eventually opening access to the retail market.
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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.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- Germany’s largest bank will use Taurus’ custody and tokenization technology to manage the cryptocurrencies, tokenized assets, and digital assets of its clients.
- Deutsche Bank was one of a few companies to participate in Taurus’ $65 million Series B fundraising round back in February, which was led by Credit Suisse.
- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.