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Binance (BNB/USD) was issued a Virtual Asset License to operate within Dubai’s virtual asset market model (‘test-adapt-scale’) to expand into the region, according to a press release on PR News Wire.
The world’s biggest exchange by trading volume will be able to extend limited exchange products and services to pre-qualified investors and professional financial service providers under the initial regulatory phase as stipulated by the Virtual Asset Regulatory Authority (VARA), which provides strict regulatory oversight and compulsory FATF compliance control.
Exchange to set up blockchain tech hub in Dubai WTC
Binance will anchor a blockchain technology hub in the Dubai World Trade Centre in addition to its exchange operations. The hub will seed new talent and build a vibrant blockchain ecosystem. VARA monitors all licensed service providers progressively to provide access to the retail market.
Changpeng Zhao (CZ), founder and CEO of BINANCE said:
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. Binance is appreciative of being awarded this license in such a progressive regime, targeting uncompromised governance and market security. The collaborative way in which 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.
Helal Saeed Almarri, Director General of Dubai WTC Authority, which hosts VARA added:
The new VARA is symbolic of Dubai’s confidence in the potential of this future economy driver – if introduced with prudence and legitimacy. To this end, our regime is structured to catalyse collaboration, foster innovation, and most critically secure public interest. 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 Virtual Asset Exchange License enables Binance to operate its regional business in Dubai within the framework of the newly proclaimed regulatory ecosystem, which underlies complex legislation and globally applicable policy frameworks.
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