#Binance obtained full VASP licence in Dubai
Virtual Assets Service provider 💥
Binance receives full operational licence in Dubai as it eyes 200m global users🌱
The virtual asset service provider licence granted by the Virtual Assets Regulatory Authority will allow Binance to extend its current services beyond spot trading and fiat services, and expand its services to retail investors, the company said on Thursday.👍
The Vasp licence follows the operational minimum viable product licence given to Binance in July 2023, which allowed it to provide exchange and broker-dealer services in Dubai.
The decision will be critical to Binance's strategy of growing its global user base. It expects to cross the 200 million user mark “quite shortly”, Richard Teng, chief executive of Binance, told The National on Thursday.
That would cement its status as the world's biggest crypto exchange by number of users, almost double Coinbase's 108 million, according to the latest data from Statista. Crypto.com, which received its Vasp licence last week, says it has more than 80 million users.
That would also be about half of the estimated 420 million users with exposure to crypto assets, according to Binance data.
Binance currently has about188 million users, having added about 16 million in the first quarter, said Mr Teng
