Dubai’s virtual assets regulator grants Binance FZE a VASP license.
Binance’s Dubai entity, Binance FZE, has been granted a full Virtual Asset Service Provider (VASP) license by the emirate’s Virtual Assets Regulatory Authority (VARA).
This comes after receiving a provisional Minimum Viable Product (MVP) license last July.
The VASP license allows Binance FZE to significantly expand its offerings in Dubai to both retail and institutional investors. It can now provide individual customers with a full suite of virtual asset products including spot trading, margin trading for qualified users, staking, and more.
“As we secure the esteemed full market VASP Licence, it notably amplifies our unwavering commitment to advancing the financial landscape through compliance and innovation,” said Binance CEO Richard Teng.
“This achievement embodies our dedication to transparency, regulatory compliance, and responsible growth in the dynamic digital assets domain.”
The license transition validates Binance’s focus on robust compliance measures and regulated cryptocurrency services.
“This is a major milestone that validates our commitment to providing secure, compliant, and top-tier services to our users,” said Alex Chehade, General Manager of Binance FZE.
“It underlines Dubai’s position as a forward-thinking city – acknowledging and embracing the financial potential that blockchain technology brings.”
For qualified and institutional investors specifically, Binance FZE can now offer advanced trading capabilities like margin trading, futures, and options. However, access to these higher-risk derivative products remains restricted to those meeting criteria for accredited investors.
“The granting of the Binance FZE VASP license further underscores the firm’s steadfast commitment towards compliance and risk management,” said Meera Judge, Compliance Officer, MLRO and Head of Risk at Binance FZE.
“This license issuance symbolises our dedication to our users and regulatory authorities, reinforcing our adherence to transparent and responsible practices.”
Stephanie Emile, Head of Operations at Binance FZE, highlighted the opening to institutional capital, stating that the firm is “excited for this next chapter” where it can continue to service its retail clients in a “fully regulated manner, while also prying open the gates to the previously untapped realm of institutional investors.”
The VASP license from Dubai’s VARA paves the way for greater mainstream adoption for Binance FZE and for the emirate as Dubai establishes itself as a hub for the cryptocurrency industry.
Recent Comments