Binance Secures VASP Licence in Dubai

Crypto giant Binance has received a Virtual Asset Service Provider (VASP) license from Dubai's Virtual Assets Regulatory Authority (VARA) through its Dubai subsidiary Binance FZE. This development comes after the initial issuance of the Minimum Viable Product (MVP) license​ in July 2023, paving the way for UAE customers to utilize a regulated platform for a full spectrum of virtual asset products and services.

"This is a major milestone that validates our commitment to providing secure, compliant, and top-tier services to our users globally," said Binance FZE General Manager Alex Chehade.

With the full license, Binance FZE can serve retail traders, in addition to qualified and institutional investors. Individual customers can now access a broad range of digital asset products and services, including spot trading, margin trading, and staking.

Besides, the Dubai entity will scale up its current offerings beyond spot trading and fiat services, according to an annoucement. Qualified and institutional investors will be able to engage in margin and derivatives services, including futures and options.

Binance FZE will also provide tailored passive income opportunities for users in need.

"The acquisition of the distinguished VASP license doesn't merely underline but conclusively proves our steadfast commitment to revolutionizing the future of finance. Our attainment of this milestone stands as a solid affirmation of our continued drive for transparency, regulatory compliance, and responsible growth in the ever-expanding digital asset sphere. It's a thrilling prospect to extend further access to the transformative economic benefits of blockchain technology to our users in the UAE," stated Binance's CEO Richard Teng.

Shortly before, Fazzaco reported that Binance.US​ welcomed Martin Grant, a one-time Federal Reserve Bank of New York official who spent 17 years as its chief compliance and ethics officer, to its board of directors.

On March 28th, Hong Kong-based crypto exchange HKVAEX​, reportedly associated with Binance, withdrew its license application from the Securities and Futures Commission of Hong Kong (SFC) on March 28th.