In exciting news, Binance Holdings Ltd has been granted a Virtual Asset License from Dubai’s Virtual Asset Regulatory Authority (VARA). With this, Binance will be able to expand its presence by operating within Dubai’s ‘test-adapt-scale’ virtual asset market model.
As the official statement from the firm reads, Binance will be allowed to extend limited exchange products and services to pre-qualified investors and professional financial service providers.
In addition to exchange operations, Binance will be a mainstay of a blockchain technology hub in the Dubai World Trade Center to attract new talent for a dynamic blockchain ecosystem.
Changpeng Zhao (CZ), founder and CEO of Binance, said, “Binance is appreciative of being awarded this license in such a progressive regime, targeting uncompromised governance and market security.”
He further said that the cooperative way in which Binance has been engaged to bring industry compliance leading experience to the Dubai ecosystem points to the unique operating model that the VARA is creating for the global industry.
Binance is among the first global Virtual asset exchanges to receive a fully governed license to provide carefully regulated crypto trading services to sophisticated investors.
This news comes after The Central Bank of Bahrain (CBB) granted Binance a crypto-asset service provider license. Thus, further bolstering its position in the Middle East.