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#Binance Strengthens Its Position In The UAE
Binance FZE, Binance's Dubai business, received a full Virtual Asset Service Provider (VASP) license from Dubai, a blockchain-friendly city.
Retail and institutional investors get access
Binance FZE's VASP license lets it to serve retail and institutional investors in Dubai, according to local media.
Binance FZE may now provide spot trading, margin trading for qualifying users, and staking to individual consumers with this license. Binance CEO Richard Teng was enthusiastic about the license:
As we achieve the recognized full-market VASP License, it substantially accentuates our persistent commitment to changing the financial environment via compliance and innovation. This accomplishment shows our commitment to openness, regulatory compliance, and responsible expansion in dynamic digital assets.
VASP license purchase shows Binance's commitment to compliance and regulated cryptocurrency services. Following criticism from Nigerian and US authorities, the exchange appointed a new board of directors to comply to global legislation.
According to Binance FZE General Manager Alex Chehade, this regulatory breakthrough is crucial for the exchange:
This is a huge achievement that proves our dedication to secure, compliant, and high-quality services. Dubai is a forward-thinking city that recognizes blockchain's financial possibilities.
Binance Grows in UAE
Binance FZE may now sell futures and options to qualified and institutional investors with the new license.
Compliance Officer and Head of Risk Meera Judge said Binance FZE is committed to compliance and risk management:
The Binance FZE VASP license reinforces the company's compliance and risk management efforts. This license shows our commitment to users and regulators and reinforces our transparent and responsible practices.
Stephanie Emile, Head of Operations, said the VASP license provided new prospects and that the organization is “excited for this next chapter.”
