Binance Gets The License To Operate In Dubai. Binance, one of the world’s largest crypto exchanges, has officially secured a license to offer crypto services in Dubai.
The exchange had previously been approved by the Dubai Financial Services Authority to provide crypto-related services to qualified investors.
This is a big win for Binance, as the company has been seeking a regulatory-compliant way to enter the lucrative UAE market. According to VARA’s website, the authority is responsible for “licensing and regulating all entities conducting virtual asset activities within or from the Dubai International Financial Centre (DIFC).”
The move comes after Binance announced last month that it was launching a fiat-to-crypto exchange dubai crypto exchange licensein Singapore. The launch of the Singapore exchange was also met with some regulatory hurdles, but Binance eventually received the green light from authorities there. With its two new exchanges, Binance now has a presence in three of Southeast Asia’s major financial hubs. The company is also reportedly eyeing expansion into South Korea and Japan.
The DFSA is the regulatory body for financial services in the Dubai International Financial Centre (DIFC), which is one of the world’s leading international financial centers.
This registration allows Binance to offer crypto-asset custody, trading, and other related services within the DIFC. It also comes with certain requirements, such as segregation of client assets, anti-money laundering controls, and Knows Your Customer procedures.
The registration is another example of Binance commitment to compliance and operating in a regulated environment.
Binance is trying to get approved all over the world. They’ve been blocked in a few countries because of regulatory issues. But this year, they got approved to operate in Kazakhstan, France, and Spain as well.