Binance gets the go-ahead in Dubai
Binance has received approval from Dubai, the latest Arab country to accept the exchange. However, trading cryptocurrencies on the world’s largest platform will not be available to everyone.
Binance in Dubai is available only to approved traders
A new license allows Binance to offer “limited stock exchange products and services.” Unfortunately, these won’t be available to everyone. Binance will only be able to offer its services to approved investors and professional financial service providers.
A March 16 announcement stated that the license allows Binance to operate within Dubai’s “test-adapt-scale” virtual asset market model. This model is the foundation for expansion in the region.
At this point, the exchange will be closely monitored and regulated by the Virtual Asset Regulatory Authority (VARA). VARA will conduct rigorous regulatory oversight and mandatory FATF compliance checks.
Binance has been targeted by a number of countries, mostly from the West, on the regulatory front. The company operates an exchange with limited functionality in the US, and has been sanctioned in the UK.
The CEO and founder of Binance, Changpeng Zhao, reiterated the company’s commitment to aligning with global regulators:
For the growth and maturation of the global cryptocurrency and blockchain industry, high standards of regulation and compliance are crucial. Our team works tirelessly to ensure that our services meet and exceed all requirements of regulators like the Dubai Virtual Asset Regulatory Authority.
The company will also establish a blockchain technology center at Dubai World Trade Centre in order to acquire new talent.
According to news reports earlier this month, Binance has been talking with Dubai authorities about securing a license to trade virtual assets. Bahrain opened its doors to the company on March 15, awarding it a license to provide services related to cryptocurrency assets.