Binance, one of the world’s largest cryptocurrency exchanges boosts its operations in the Middle East by securing a Crypto Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA). According to the announcement, the VASP license, obtained through Binance’s Dubai subsidiary, Binance FZE, is a testament to Binance’s commitment to operating within the framework of local laws and regulations.
Binance Continous Expansion
This move is expected to enhance Binance’s reputation and reliability among users in the Middle East, providing them with increased confidence in the platform’s regulatory compliance and operational standards.
Interestingly, the new regulatory framework will likely bring more structured and secure environments for trading cryptocurrencies within the United Arab Emirates (UAE). Binance’s adherence to these regulations will ensure its operations are transparent, secure, and in line with international standards. UAE residents using the exchange trading platforms will have their accounts transferred to the VARA-regulated Binance FZE trading platform
With the VASP license, Binance is poised to leverage its enhanced regulatory status to attract a broader user base in the Middle East. Users will ensure their accounts comply with the new regulations and update their verification information. Meanwhile, this development aligns with the UAE’s vision of becoming a global hub for digital assets and blockchain technology.
Binance Receives First-Ever Operational License in Dubai
Recall that in 2023, Binance was granted Dubai’s first-ever operational digital assets license. The MVP license granted to Binance FZE marked a historic moment in the crypto industry, as it became the first exchange to receive regulatory approval for its services in the UAE.
The license permits Dubai users to access regulated virtual asset services under Dubai’s Virtual Assets Regulatory Authority, ensuring investor protection and market assurance. Under VARA’s preview, Binance FZE can now offer exchange services, facilitating seamless crypto trading, and investment for institutional investors.
Furthermore, the license enabled Binance to operate as a broker-dealer, opening up new opportunities for qualified retail investors to access the crypto market with greater confidence and protection.
Bitpanda and Raiffeisen Unites to Revolutionize Crypto in Dubai
In May, Bitpanda, the European crypto exchange announced its partnership with Raiffeisen Bank, the Vienna-based unit of the Austrian lender.
The deal is designed to offer crypto services to customers at 55 Raiffeisen bank branches across Austria. Before the partnership, the exchange revealed the opening of a new office in Dubai. It is worth noting that this is a major milestone for the company as it marks its first expansion outside Europe.
Just like how Bitpanda chose UAE as its destination for expansion, TheCoinRise reported that OKX exchange, a crypto asset trading company was licensed to provide services to qualified investors in the country. Also, Bitpanda has decided to explore new horizons by testing the waters in Dubai.
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