FinTechGulf Countries

Binance Obtains Virtual Asset Service Provider License in Dubai

Dubai, April 18 / Binance, a company specializing in blockchain technologies and digital currency infrastructure, announced today that it has obtained the “Virtual Asset Service Provider” license from the Dubai Virtual Asset Regulatory Authority. This license follows the “Minimum Viable Product” license that the company acquired in July 2023.

Richard Teng, CEO of Binance, stated that obtaining this license reaffirms the company’s full commitment to developing the financial landscape through compliance and innovation. He added that this achievement reflects Binance’s commitment to principles of transparency and responsible growth in the virtual asset field, highlighting the innovative spirit of the UAE in embracing blockchain technologies that enhance the economic growth of its residents.

He noted that Binance’s transition from the “Minimum Viable Product” license to the “Virtual Asset Service Provider” license will enable it to expand its services and product offerings to include the retail market, as well as qualified investors and institutions.

Alexandre Schahade, General Manager of Binance in Dubai, mentioned that obtaining this license is a significant step that proves the company’s commitment to providing safe, compliant, and high-quality services to its users. He explained that this highlights Dubai’s status as a leading center in adopting the financial potentials of blockchain technologies.

With this license, Binance can focus more on diversifying its trading services, allowing qualified individual and institutional investors to engage in margin products and derivatives, such as futures and options contracts, currently strictly limited to services that meet qualified investor standards.

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