March 17, 2022
By Sharan Kaur Phillora
Binance has been granted a virtual asset license by Dubai’s regulator as the crypto exchange seeks to expand further in the United Arab Emirates (UAE).
Here’s what we know:
- Under the Virtual Asset Regulatory Authority (VARA), Binance will be allowed to offer limited exchange products and services to pre-qualified investors and professional financial service providers, the company announced. VARA will monitor its licensed service providers to determine if they may open to the retail market.
- Changpeng Zhao, founder, and CEO of Binance called Dubai a “progressive regime” targeting uncompromised governance and market security.
- “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,” he said.
- The company is hiring engineers, as well as roles in sales, compliance, human relations, and talent acquisition in the UAE, job postings on Binance’s website indicate.
- Commenting on Binance joining the new Virtual Asset ecosystem, Helal Saeed Almarri, Director General of Dubai World Trade Centre Authority that houses VARA said, “Onboarding Binance within the VARA is reflective of their commitment to the Dubai agenda – to provide the global industry the certainty of governance, enabled by ‘shared industry responsibility’ and legislative security for society.”
- The VARA-issued Virtual Asset Exchange License ensures that 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.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.
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