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Cryptocurrency

17 Mar 2022

Binance: World’s Largest Crypto Exchange Gets Virtual Asset License in Dubai

The Index Today

Binance, the world’s largest cryptocurrency exchange has obtained a virtual asset license in Dubai, United Arab Emirates, as the company advances its expansion in the Gulf region.

According to Reuters, Dubai’s new Virtual Asset Regulatory Authority (VARA) conferred the license on Binance after it was recently granted a crypto-asset service provider license in Bahrain — its first in the GCC region.

In a statement, the firm said, "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."

This comes after several financial regulators across the world put Binance under the microscope with some even debarring the company from operating in their dominions.

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