Binance, the top global crypto exchange, has successfully obtained a full virtual-asset services provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This marks a significant step nearly a year after entering the third phase of Dubai’s comprehensive licensing process. Binance’s CEO, Richard Teng, emphasized that this license not only underscores their commitment to compliance and innovation but also strengthens their role in transforming the financial landscape with transparent and responsible practices in the fast-evolving digital assets sector.

Dubai, a pioneer in adopting futuristic technologies, has further solidified its reputation as a progressive financial hub by granting Binance FZE, the local unit of Binance, this full VASP license. In 2023, Binance FZE was awarded an Operational MVP license, enabling it to offer services to institutional and qualified investors. This full license expansion allows for an increased scope of services, including broker-dealer activities and virtual-asset derivatives trading, showcasing Dubai’s recognition of blockchain’s vast economic potential.

Bloomberg