Dubai Grants Cryptocurrency Exchange Binance License
- Publish date: Friday، 18 March 2022
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Virtual Asset Regulatory Authority (VARA) in Dubai granted the world’s largest cryptocurrency exchange Binance a licence to conduct some operations in Dubai.
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“Binance will be permitted to extend limited exchange products and services to pre-qualified investors and professional financial service providers. All licensed VARA service providers will be monitored progressively to open access to the retail market,” Binance said in a statement.
The crypto company will also anchor a blockchain technology hub in the Dubai World Trade Centre (DWTC), it said.
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Dubai last week adopted its first law governing virtual assets and established VARA as a regulator to oversee the sector.
“Binance will be able to operate its regional business from Dubai in the newly announced regulatory ecosystem that is subject to comprehensive legislation and internationally applicable policy frameworks,” DWTC Authority director general Helal Saeed Almarri said.