Binance, the world’s biggest crypto exchange by trading volume, gets a license to operate in Dubai as a VASP, according to a report by PR Newswire on Wednesday.

  • Changpeng Zhao, founder and CEO, stated that Binance is appreciative of being awarded this license in a progressive regime, seeking uncompromised governance and market security.
  • Earlier in March, Dubai’s ruler announced the formation of a regulatory and licensing authority as the emirate gears to become a key global player in the digital asset industry.
  • Under the provisions of the Virtual Asset License, Binance will provide limited exchange products and services to pre-qualified investors and professional service providers.
  • Regulators will closely track and monitor operations with a desire to eventually open access to the retail market.

It is the second operating license in the Middle East for Binance after getting a similar approval from the Central Bank of Bahrain. BNB USD up +1.86%