๐จ ๐๐ฅ๐๐๐๐๐ก๐: #Binance becomes the first #crypto exchange to secure an Operational License from Dubaiโs Regulatory Authority #VARA .
This could be a GAME-CHANGER for the industry, as #Dubai is one of the richest cities in the world.
Hereโs everything you need to know ๐งต:
๐ ๐ง๐ต๐ฒ ๐๐ป๐ป๐ผ๐๐ป๐ฐ๐ฒ๐บ๐ฒ๐ป๐
โก๏ธ Binanceโs subsidiary FZE has become the first exchange to receive the Operational MVP in Dubai, the UAE.
โก๏ธ This means that Binance can now offer regulated services in Dubai, including exchange and broker-dealer services.
๐ ๐๐น๐ถ๐ด๐ถ๐ฏ๐ถ๐น๐ถ๐๐
โก๏ธ However, These services are limited to institutional and qualified retail investors, who meet the following conditions:
1. Are above the age of 21
2. Have UAE residence and
3. Have net assets > $136,000
๐ ๐ฅ๐ฒ๐พ๐๐ถ๐ฟ๐ฒ๐บ๐ฒ๐ป๐๐
โก๏ธ The license was granted after #Binance met a no. of requirements, including:
โก๏ธ Establishing a local entity in Dubai,
โก๏ธ Appointing a board of directors, and
โก๏ธ Implementing a robust compliance framework
๐ ๐ช๐ต๐ฎ๐ ๐๐ต๐ถ๐ ๐บ๐ฒ๐ฎ๐ป๐ ๐ณ๐ผ๐ฟ ๐๐ผ๐?
โก๏ธ This shows that regulators are starting to take #crypto seriously and are willing to work with businesses to develop a framework that allows the industry to grow in a safe and regulated manner.
Crypto adoptions rising.... ๐
๐ ๐๐ผ๐ป๐๐ฒ๐ ๐
โก๏ธ Itโs important to note that #Binanceโs victory in Dubai is even more significant considering their recent setbacks.
โก๏ธ Theyโve faced legal battles in #Germany , Austria, Belgium, and even in the US.
