The most recent Arab country to welcome Binance is Dubai, they are granting a limited crypto asset license to the popular exchange platform. However crypto trading on the world’s largest exchange won’t be accessible to everyone. Binance will be allowed to provide limited exchange products and services to pre-approved investors and professional financial service providers. To open access to the retail market, all licensed VARA (Virtual Asset Regulatory Authority) service providers will be monitored gradually.
Binance received a limited crypto asset license from Dubai
Binance received a license from the Dubai Authority for Financial Operations to operate as a virtual asset market within the “test-adapt-scale” model, which will allow it to expand into the area, according to the announcement.
The policy shift comes as a number of countries, particularly in the West, have taken action against Binance on the regulatory front. The firm has been under fire in the United Kingdom.
Binance founder and CEO, Changpeng Zhao made a statement regarding the issue:
“High standards of regulation and compliance are critical to the development and maturing of the global crypto and blockchain industry, which is why our team has been working tirelessly to demonstrate how we meet and exceed the requirements of regulators such as the Dubai Virtual Asset Regulatory Authority.”
In addition to the start of crypto services, Binance will set up a blockchain technology center at Dubai World Trade Centre. The goal is to attract new talent and create a vibrant cryptocurrency and blockchain community as part of a broader effort.
Binance has been working with authorities in Dubai to obtain a virtual asset license. On March 15, Bahrain gave Binance a license to operate as a crypto asset service provider, according to CryptoPotato. One of the biggest rivals of the company, FTX, also has intentions to establish a headquarters in Dubai.
