Binance gets crypto trading license

Binance has been granted a Virtual Asset License to enable it to operate within Dubai’s ‘test-adapt-scale’ virtual asset market model as a base for expansion into the region.

Under the Virtual Asset Regulatory Authority (VARA) initial regulatory phase, which includes rigorous regulatory oversight and mandatory FATF compliance controls, Binance will be permitted to extend limited exchange products and services to pre-qualified investors and professional financial service providers.

All licensed VARA service providers will be monitored progressively to open access to the retail market. In addition to its exchange operations, Binance will anchor a blockchain technology hub in the Dubai World Trade Center, to seed new talent and build a vibrant blockchain ecosystem.

Dubai is the first global economy to have set up a specialized regulator for the VA sector and will be further developing this VARA governed ecosystem of credible, reputable, and innovative international leaders. The VARA-issued Virtual Asset Exchange License ensures Binance will be able to operate its regional business from Dubai in the newly announced regulatory ecosystem that is subject to comprehensive legislation and internationally applicable policy frameworks.

Binance is a leading blockchain and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume.