Global crypto exchange Binance successfully received regulatory approval to provide crypto services in the UAE.
Binance is a first ranked crypto exchange by 24 hours trade volume. Exchange is popularly known to provide high-quality crypto offerings. Last year the exchange faced many scrutiny threats from many countries’ regulatory bodies but still, the exchange grabbed huge growth in the industry as a leading player.
On 16 March, PRNewswire confirmed that Binance Exchange successfully received virtual assets services providing license from Virtual Asset Regulatory Authority’s (VARA) of Dubai.
Under this license, Binance will be allowed to provide its crypto services and exchange goods to pre-qualified investors and professional financial service providers only. For retail services under this license to all crypto exchanges, regulatory agency will start monitoring, so obviously, it will take time.
With the operations of crypto trading services, the exchange will also set up its blockchain technology center at Dubai World Trade Center to bring crypto & blockchain talents to Dubai.
The chief executive officer of Binance Exchange, Changpeng Zhao, said that the team behind Binance exchange is continuously working to meet all legal requirements in Dubai to follow high standard rules and regulations.
“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.”
Zhao also said that Binance will work in a collaborative approach with the crypto regulatory body of Dubai to make it a leading compliance system in the space.
“Binance has been engaged to bring proven industry compliance leading experience to the Dubai ecosystem is indicative of the unique operating model that the VARA is creating for the global industry.”
With this, In the Middle East, the Binance exchange received second crypto license. Earlier this exchange received a crypto license from the Central Bank of Bahrain. On the regulatory approval to provide crypto services in Bahrain, Binance CEO said that it is going to be a milestone to become regulated in the global countries.