Binance's Middle East Progress Continues With Operating License in Dubai

Binance, the world’s largest crypto exchange by trading volume, has obtained a license to operate in Dubai as a virtual asset service provider.

• “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.
• Earlier this month, Dubai’s ruler announced the creation of a regulatory and licensing authority as the emirate looks to become a major global player in the digital asset industry. Bloomberg one week ago reported Binance was nearing approval there.
• Under the initial regulatory phase of having a Virtual Asset License, Binance will be able to offer limited exchange products and services to pre-qualified investors and professional financial service providers. Regulators will closely monitor operations with an eye towards eventually opening access to the retail market.
• It’s the second operating license for Binance in the Middle East, the company earlier this week having announced a similar award from the Central Bank of Bahrain.

Read more: Dubai Adopts Initial Crypto Law, Establishes Independent Authority for Oversight