Dubai grants crypto exchange Binance a virtual asset license

A representation of the cryptocurrency is seen in front of the Binance logo in this illustration taken March 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

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DUBAI, March 16 (Reuters) – The world’s largest cryptocurrency exchange Binance has been granted a license to conduct certain operations in Dubai, the company said on Wednesday, from where it plans to conduct regional business.

The award of the virtual asset license by Dubai’s newly created Virtual Asset Regulatory Authority (VARA) comes after Gulf neighbor Bahrain granted Binance a crypto-asset service provider license on Tuesday. , its first such license issued by a Gulf Cooperation Council (GCC) country. Read more

“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 phased in to open retail market access,” said Binance. Binance in a statement.

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The crypto firm will also anchor a blockchain technology hub in the Dubai World Trade Center (DWTC), he said.

Financial regulators around the world have targeted Binance, with some banning the platform from certain activities and others warning consumers that it is not licensed to operate in their jurisdictions. Read more

The United Arab Emirates (UAE), the financial capital of the Gulf region, has pushed to develop the virtual asset industry and regulations to attract new forms of business as regional economic competition intensifies.

Dubai, one of the seven emirates of the United Arab Emirates, last week passed its first law governing virtual assets and established VARA as a regulator to oversee the sector.

Binance said in December that it was working with DWTC to help build an international virtual asset ecosystem in Dubai and assist in the development of virtual asset regulations.

“Binance will be able to operate its regional business from Dubai in the new regulatory ecosystem which is subject to comprehensive legislation and internationally applicable policy frameworks,” said DWTC Authority Managing Director Helal Saeed Almarri. .

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Writing by Lisa Barrington Editing by Mark Potter

Our standards: The Thomson Reuters Trust Principles.

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