The leading cryptocurrency exchange in the world, Binance, has been granted a full virtual-asset services provider (VASP) license by Dubai's Virtual Assets Regulatory Authority (VARA). This is a big move, almost a year after Dubai's extensive licensing process entered its third phase. In addition to highlighting their dedication to innovation and compliance, Binance's CEO, Richard Teng, underlined that this license reinforces their position in changing the financial landscape through open and accountable procedures in the rapidly developing digital assets industry.
Binance FZE, Binance's local unit, was granted this full VASP license, further solidifying Dubai's status as a progressive financial hub. Dubai was a pioneer in adopting futuristic technologies. Binance FZE was granted an Operational MVP license in 2023, which allowed it to provide services to accredited and institutional investors. This full license expansion demonstrates Dubai's awareness of the enormous economic potential of blockchain technology by enabling the provision of a wider range of services, such as broker-dealer operations and virtual asset derivatives trading.
