Binance Obtains Regulatory License in Dubai

Vignesh Karunanidhi
Binance Obtains Regulatory License in Dubai
Source: Crypto News

Binance FZE, the Dubai subsidiary of global cryptocurrency exchange Binance, has been granted a Virtual Asset Service Provider (VASP) license by Dubai’s Virtual Assets Regulatory Authority (VARA).

This development follows the initial issuance of the Minimum Viable Product (MVP) license in July 2023 and marks a major step forward for Binance’s operations in the region.

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With the transition from an MVP to a VASP license, Binance FZE is now able to extend its product offerings to the retail market.

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Spot trading, margin trading, and staking are just a few of the many digital asset products and services available to customers. In addition, the exchange announced that instead of simply expanding the token selection, the focus will be on providing a greater variety of exchange services.

Alex Chehade, General Manager of Binance FZE, commented on the milestone, stating, “This is a major milestone that validates our commitment to providing secure, compliant, and top-tier services to our users globally. It underlines Dubai’s position as a forward-thinking city, acknowledging and embracing the financial potential that blockchain technology brings.”

Dubai license announcement comes amidst Binance India rumors

Binance’s Dubai license announcement comes amid rumors that the exchange will return to India. Reports state that Binance seeks to pay a $2 million fine and reopen in India after the country’s government blacklisted it and eight other platforms in January for failing to comply with regulatory requirements.

The reports state that Binance intends to reorganize its South Asian businesses and register with the Financial Intelligence Unit of India. Additionally, the business is making an effort to abide by all applicable laws, including local tax and money laundering regulations.

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The exchange had also unveiled its new token platform, called Megadrop. It is a token-launch platform that hosts airdrops and Web3 quests. Binance’s Dubai milestone comes as the city records the heaviest rainfall and floods.