The world’s largest cryptocurrency exchange Binance has been licensed to run certain operations in Dubai, the company said on Wednesday, as it plans to do regional business. The world’s largest cryptocurrency exchange Binance has been licensed to run certain operations in Dubai, the company said on Wednesday, as it plans to do regional business.
The awarding of Real Estate Property Dubai from the newly formed Virtual Asset Regulatory Authority (VARA) comes after a Gulf Bahrain neighbor on Tuesday granted Binance a crypto-asset service provider license, his first such license from the Gulf Cooperation Council (GCC). ).
“Binance will be allowed to expand limited exchange products and services to previously trained investors and professional financial service providers. All licensed VARA service providers will be monitored continuously to open access to the retail market,” Binance said in a statement. The crypto company will also be hosting a blockchain technology hub at the Dubai World Trade Center (DWTC), it said.
Financial regulators around the world have targeted Binance, with some blocking the platform from certain activities and others warning consumers that it did not have a license to operate in their areas. The United Arab Emirates (UAE), the financial capital of the Gulf region, has been pushing for the development of the real estate sector and regulation to attract new types of business as regional economic competition grows.
Dubai, one of the seven emirates in the UAE, last week adopted its first regulation of tangible assets and established VARA as the regulator to oversee the sector. Binance said in December he was working with DWTC to help set up an international virtual asset ecosystem in Dubai and to help develop tangible property laws.
“Binance will be able to conduct its regional business from Dubai in the recently announced regulatory framework under applicable law and operational policy frameworks globally,” said DWTC Authority Director General Helal Saeed Almarri.