Binance, a global blockchain ecosystem and cryptocurrency infrastructure provider, has been granted a Virtual Asset License from Dubai’s Virtual Asset Regulatory Authority (VARA).
Under the VARA initial regulatory phase, which includes rigorous regulatory oversight and mandatory FATF compliance controls, Binance will be permitted to extend limited exchange products and services to pre-qualified investors and professional financial service providers.
Binance will be able to operate within Dubai’s ‘test-adapt-scale’ virtual asset market model as a base for expansion into the region.
All licensed VARA service providers will be monitored progressively to open access to the retail market.
In addition to exchange operations, Binance will anchor a blockchain technology hub in the Dubai World Trade Centre to seed new talent and build a vibrant blockchain ecosystem.
Changpeng Zhao (CZ), Founder and CEO of Binance said,
“Binance is appreciative of being awarded this license in such a progressive regime, targeting uncompromised governance and market security.
The collaborative way in which Binance has been engaged to bring proven industry compliance leading experience to the Dubai ecosystem is indicative of the unique operating model that the VARA is creating for the global industry.”
Helal Saeed Almarri, Director General of Dubai World Trade Centre Authority that houses VARA said,
“The new VARA is symbolic of Dubai’s confidence in the potential of this future economy driver—if introduced with prudence and legitimacy. To this end, our regime is structured to catalyze collaboration, foster innovation, and most critically secure public interest.
Onboarding Binance within the VARA is reflective of their commitment to the Dubai agenda—to provide the global industry the certainty of governance, enabled by ‘shared industry responsibility and legislative security for society.”
Binance is also set to host the Binance Blockchain Week in Dubai between March 28 and 30, 2022.
Bringing together three days of sessions with over 80 speakers including CZ, Binance Blockchain Week will see over 2,500 attendees, and thousands more live-streaming via Binance Live, to dive into tomorrow’s technology, through the world of NFTs, the metaverse and beyond.
