Binance Secures Operational License in Dubai despite Global Woes

When dark clouds gather over Binance in the USA and Europe, the sun begins to shine for the exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term in the Middle East. Binance FZE, the Dubai subsidiary of the crypto exchange, has been awarded an Operational Minimum Viable Product (MVP) license from Dubai's Virtual Asset Regulatory Authority (VARA).

This milestone represents a significant leap for the firm and its users, empowering it to offer virtual asset (VA) exchange and broker-dealer services to institutional and qualified retail investors in the emirate.

Binance Gains New License in Dubai

This latest advancement comes in the wake of VARA granting Binance a preparatory MVP license back in September 2022, which came with certain stipulations that the company had to fulfill to be eligible for full operations.

The shift to an operational MVP license signifies that eligible Binance FZE users can safely convert VA to fiat currency, adhering to Financial Action Task Force (FATF) compliant standards.

"Operating within this regulated ecosystem, we are committed to ensuring secure and seamless customer migration, with robust Know-Your-Customer and Customer-Due-Diligence as part of the rigorous onboarding remediation as stipulated by VARA," Richard Teng, the Head of International Markets at Binance, highlighted the company's commitment towards ensuring a smooth transition for its customers.

#Binance FZE, our Dubai-based subsidiary, is the world's first exchange to receive the Operational Minimum Viable Product licence in Dubai.

Eligible users can now access regulated virtual asset services, such as fiat on and off ramp services via Binance FZE.

More here 👇

— Binance (@binance) July 31, 2023

Teng continued to emphasize Binance's priorities moving forward, including operating a fully regulated exchange in Dubai within a FATF-compliant ecosystem. This will pave the way for global scalability without compromising user assurance.

Dubai Wants to Become a New Crypto Hub

Binance is not the only crypto company that has decided to launch its operations in the United Arab Emirates (UAE) and apply for local licenses. Previously, other major digital asset exchanges, including Bitget, ByBit and OKX, had announced a similar move.

In the face of regulatory challenges in Europe and the USA, the Middle East may become the main focus for the crypto industry. This is confirmed, among other things, by the latest move by Binance and the acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term of another local license.

Alexander Chehade, the General Manager of Binance Dubai, confirmed that all users onboarding through this platform could anticipate access to a trusted and regulated service prioritizing security and compliance with highly specialized, tier 1 VA regulations under VARA.

The local market may have great potential in terms of the number of retail investors interested in trading. This is confirmed by data from the FX/CFD market, where the number of active traders is growing.