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Binance's Middle East Progress Continues With Operating License in Dubai
It’s the second approval this week in that region for the crypto exchange.
By Brandy Betz
Updated May 11, 2023, 4:01 p.m. Published Mar 16, 2022, 2:26 p.m.
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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
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