Dubai Grants Crypto Exchange Binance Virtual Asset Licence For Regional Business
NDTV
The world's largest cryptocurrency exchange Binance has been granted a licence to conduct some operations in Dubai, the company said on Wednesday, from where it plans to carry out regional business.
Dubai: The world's largest cryptocurrency exchange Binance has been granted a licence to conduct some operations in Dubai, the company said on Wednesday, from where it plans to carry out regional business.
The awarding of the Virtual Asset Licence from Dubai's recently formed Virtual Asset Regulatory Authority (VARA) comes after Gulf neighbour Bahrain on Tuesday awarded Binance a crypto-asset service provider licence, its first such licence from a Gulf Cooperation Council (GCC) country.
"Binance will be permitted to extend limited exchange products and services to pre-qualified investors and professional financial service providers. All licensed VARA service providers will be monitored progressively to open access to the retail market," Binance said in a statement.
The crypto company will also anchor a blockchain technology hub in the Dubai World Trade Centre (DWTC), it said.
