Amid the biblical floods in Dubai, Binance has successfully secured a full Virtual Asset Service Provider (VASP) license from the emirate’s Virtual Asset Regulatory Authority (VARA).
According to a report from Finance Magnates, the recent development came a year after Binance entered the third stage in Dubai’s four-step regulatory process.
The exchange has been holding an operational MVP license, an initial license that allowed it to offer institutional services and facilitate crypto activities to qualified investors under its local unit Binance FZA since mid-2023.
In a statement, current CEO Richard Teng, the successor of former CEO CZ Zhao, commented on their latest feat, “As we secure the esteemed full market VASP Licence, it notably amplifies our unwavering commitment to advancing the financial landscape through compliance and innovation.”
The newly-acquired license will allow Binance FZE to extend its products and services to retail customers, including spot trading, margin trading, and staking, among others. It also announced plans to provide a greater variety of exchange services, Watcher.Guru detailed.
In response to their recent win, Alex Chehade, General Manager of Binance FZE, said, “This is a major milestone that validates our commitment to providing secure, compliant, and top-tier services to our users globally. It underlines Dubai’s position as a forward-thinking city, acknowledging and embracing the financial potential that blockchain technology brings.”
At the same time with its Dubai success, Binance is reportedly gearing to return to the Indian market following a four-month ban caused by non-compliance. The platform has been reported to have paid $2 million in fine to reestablish its operations in the country.