Binance earns license and approval to to operate in Dubai
Binance is making headlines again this week, as the world’s largest crypto exchange announced that it has officially been granted a license to operate out of Dubai, United Arab Emirates. The awarding of the Virtual Asset Licence to Dubai comes shortly after Gulf neighbour Bahrain also granted Binance a crypto-asset service provider licence.
Under this license, Binance will be permitted to establish an office space in Dubai and provide digital asset exchange services to pre-qualified investors and financial firms. The exchange will have to operate under new regulatory guidelines which were instituted earlier this month to position the emirate as major global player in the digital asset industry.
“Binance is appreciative of being awarded this license in such a progressive regime, targeting uncompromised governance and market security,” said founder and CEO Changpeng Zhao.
Binance will also anchor a crypto technology hub to the Dubai World Trade Centre (DWTC), with the Authority Director General Helal Saeed Almarri stating in a Reuters report: “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.”