Binance receives a fully governed license to offer crypto trading services to investors
Binance announced today that it has received a virtual asset license that will allow it to operate under a “test adapted model” of Dubai’s virtual asset market as a base for expansion in the region. As part of the initial phase of Virtual Asset Regulatory Authority (VARA) regulation, which includes strict oversight and mandatory FATF compliance controls, Binance will be permitted to provide limited exchange products and services to pre-qualified investors and professional financial service providers. All licensed VARA service providers will be gradually monitored to open up access to the retail market. In addition to its exchange operations, Binance will establish a blockchain technology center at the Dubai World Trade Center to nurture new talent and create a dynamic blockchain ecosystem.
Changpeng Zhao (CZ), founder and CEO of Binance, said: “High regulatory and compliance standards are critical to the development and establishment of the global cryptocurrency and blockchain industry, so our team works tirelessly to demonstrate how we meet and exceed the requirements of regulators such as the Dubai Virtual Asset Regulatory Authority.”
“Binance appreciates receiving this license in such a progressive regime focused on uncompromising governance and market security. The collaboration in which Binance participated to bring proven industry compliance expertise to Dubai’s ecosystem is a testament to the unique operating model that VARA is creating for the global industry.”
Commenting on Binance joining the new virtual asset ecosystem, Helal Said Almarri, CEO of Dubai World Trade Center Authority, under which VARA operates, said: “The new VARA symbolizes Dubai’s confidence in the potential of this future economic driver – if implemented with care and legitimacy. To that end, our regime is structured to encourage cooperation, foster innovation and, most importantly, protect the public interest.” Binance’s acceptance into VARA reflects their commitment to Dubai’s agenda of providing the global industry with certainty of governance based on “shared industry responsibility” and legislative security for the public.”
Dubai is the first global economy to establish a dedicated regulator for the virtual asset sector, and will continue to develop this VARA-driven ecosystem of trusted, credible and innovative international leaders. The VARA-issued virtual asset exchange license ensures that Binance can conduct its regional business from Dubai in a newly announced regulatory ecosystem that is subject to comprehensive legislation and international policy frameworks. Binance is the world’s leading provider of blockchain and cryptocurrency infrastructure, with a suite of financial products that includes the largest digital asset exchange by volume. Trusted by millions of people around the world, Binance’s platform aims to increase users’ freedom of money and has an unrivaled portfolio of crypto products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions and much more.
. @Binance today announced that it has been granted a Virtual Asset License to enable it to operate within Dubai’s ‘test-adapt-scale’ virtual asset market model as a base for expansion into the region. #Dubai https://t.co/KD8oSpUEAo pic.twitter.com/dYNjkDXaNj
— Dubai Media Office (@DXBMediaOffice) March 16, 2022
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