Overview

Click to expand overview
The cryptocurrency giant Binance announced on Thursday that it received a virtual asset service provider (VASP) license from Dubai’s regulatory authority, a significant The biggest cryptocurrency exchange in the world, Binance, has been given an operational minimal viable product (MVP) license to operate in Dubai. This is the third of four steps to be Binance is the first exchange in the world to secure an Operational MVP License from Dubai's Virtual Assets Regulatory Authority (VARA). Users who qualify will now Binance FZE, the Dubai subsidiary of global cryptocurrency exchange Binance, has been granted a Virtual Asset Service Provider (VASP) license by Dubai’s Virtual Binance received its Virtual Asset Service Provider (VASP) license after co-founder Changpeng Zhao gave up his voting power in the exchange’s local entity, unnamed

Binance Obtains Regulatory License in Dubai: A Major Milestone

The cryptocurrency giant Binance announced on Thursday that it received a virtual asset service provider (VASP) license from Dubai’s regulatory authority, a significant step forward in its global expansion. This achievement underscores Binance's commitment to regulatory compliance and its dedication to the burgeoning cryptocurrency market in the United Arab Emirates.

Binance FZE, the Dubai subsidiary of global cryptocurrency exchange Binance, has been granted a Virtual Asset Service Provider (VASP) license by Dubai’s Virtual Assets Regulatory Authority (VARA). This license allows Binance to operate under specific regulatory guidelines, providing a secure and compliant platform for users in Dubai.

Binance Secures Operational MVP License: A First for Global Exchanges

The biggest cryptocurrency exchange in the world, Binance, has been given an operational minimal viable product (MVP) license to operate in Dubai. This is the third of four steps to be fully authorized to offer its services in the region, highlighting the rigorous process VARA employs to ensure consumer protection and market integrity. Binance is the first exchange in the world to secure an Operational MVP License from Dubai's Virtual Assets Regulatory Authority (VARA). Users who qualify will now be able to access regulated virtual asset services.

Changpeng Zhao’s Role and Binance’s Commitment to Compliance

Binance received its Virtual Asset Service Provider (VASP) license after co-founder Changpeng Zhao gave up his voting power in the exchange’s local entity, unnamed sources revealed. This demonstrates Binance's willingness to adapt and comply with local regulations, ensuring a smooth and sustainable operation within Dubai's vibrant crypto ecosystem.

This license represents a pivotal moment for Binance in Dubai, solidifying its position as a leading player in the global cryptocurrency landscape and paving the way for further innovation and growth in the region. Stay tuned for more updates on Binance's expanding presence in Dubai.

Top Sources

Related Articles