🚨 𝗕𝗥𝗘𝗔𝗞𝗜𝗡𝗚: #Binance becomes the first #crypto exchange to secure an Operational License from Dubai’s Regulatory Authority #VARA .
This could be a GAME-CHANGER for the industry, as #Dubai is one of the richest cities in the world.
Here’s everything you need to know 🧵:
📍 𝗧𝗵𝗲 𝗔𝗻𝗻𝗼𝘂𝗻𝗰𝗲𝗺𝗲𝗻𝘁
➡️ Binance’s subsidiary FZE has become the first exchange to receive the Operational MVP in Dubai, the UAE.
➡️ This means that Binance can now offer regulated services in Dubai, including exchange and broker-dealer services.
📍 𝗘𝗹𝗶𝗴𝗶𝗯𝗶𝗹𝗶𝘁𝘆
➡️ 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
📍 𝗥𝗲𝗾𝘂𝗶𝗿𝗲𝗺𝗲𝗻𝘁𝘀
➡️ The license was granted after #Binance met a no. of requirements, including:
➡️ Establishing a local entity in Dubai,
➡️ Appointing a board of directors, and
➡️ Implementing a robust compliance framework
📍 𝗪𝗵𝗮𝘁 𝘁𝗵𝗶𝘀 𝗺𝗲𝗮𝗻𝘀 𝗳𝗼𝗿 𝘆𝗼𝘂?
➡️ 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.... 🚀
📍 𝗖𝗼𝗻𝘁𝗲𝘅𝘁
➡️ It’s important to note that #Binance’s victory in Dubai is even more significant considering their recent setbacks.
➡️ They’ve faced legal battles in #Germany , Austria, Belgium, and even in the US.