Binance’s Dubai Unit Wins VASP LicenseDubai’s crypto regulator has granted a virtual asset provider license to Binance’s Dubai-based branch
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Binance FZE.Cryptocurrency exchange Binance said on Wednesday that its Dubai branch, Binance FZE, has secured a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA).In a blog post, the exchange revealed that with this license, it plans to migrate “all UAE residents from the Binance Global Exchange to the VARA-regulated Binance FZE exchange.”The exchange also stated that UAE resident users would need to update their KYC information by submitting certain documents by the December 15 deadline. Binance added that despite the transition, “all products already available on the Binance Global Exchange will also be available on Binance FZE.”You might also like: China, UAE pledge joint crackdown on cryptocurrency crimesBinance obtained the VASP license seven months after withdrawing its application for an Abu Dhabi license due to increased regulatory pressures. As crypto.news reported, Binance’s unit, BV Investment Management, had pulled its application with Abu Dhabi Global Market’s Financial Service Regulatory Authority (FSRA).
