Binance acquires limited digital asset license in Dubai as the Middle East becomes a hotbed for crypto activity as we can see more today in our latest Binance news.
The world’s biggest exchange is targeting the region to expand operations and the Arab nation is opening its arms in Dubai but trading on the world’s biggest exchange won’t be available for everyone. The company stated that the licnese permits it to expand the limited exchange products and services for approved investors and professional financial and other service providers. The licnese enables Binance to operate in Dubai’s test-adapt scale virtual asset market model as a base for expansion in the region as per the announcement.
Binance acquires limited digital asset license and will be monitored and regulated under the Virtual Asset Regulatory Authority during the initial phase the operations include rigorous regulatory oversight and mandatory FATF compliance controls. The move came as a growing number of nations in the West took action against Binance on the regulatory front. The company operates a limited-service exchange in the US and was on the end of a clampdown in the UK.
The Binance founder and CEO Changpeng Zhao noted the company’s ongoing efforts to comply with the global regulators:
“High standards of regulation and compliance are critical to the development and maturing of the global crypto and blockchain industry, which is why our team has been working tirelessly to demonstrate how we meet and exceed the requirements of regulators such as the Dubai Virtual Asset Regulatory Authority.”
In addition to the commencement of crypto services, the exchange will establish a blockchain technology hub in Dubai and the efforts are a part of a drive so looking for new talent to build a vibrant crypto and blockchain technology. The reports show that Binance was in talks with the authorities in Dubai regarding the digital asset licnese. Bahrain also opened the doors to the company awarding the license to operate as a crypto service provider. The rival exchange FTX also set its eyes on Dubai with more plans to establish a regional headquarters in the Arab Nation
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