Binance Scores Landmark Approval in Dubai

Binance, the world's leading cryptocurrency exchange, has secured a virtual asset securities provider (VASP) license from Dubai's Virtual Assets Regulatory Authority (VARA), marking a major step forward for the exchange's global expansion and regulatory compliance efforts.

The VASP license upgrades the previous Minimal Viable Product (MVP) license held by local subsidiary Binance FZE since July 2023, allowing the exchange to extend its product offerings to retail investors alongside qualified institutional investors in the emirate. This means retail investors in Dubai can now access a wider range of digital asset services, including spot trading, lending and borrowing, and staking.

Binance said the acquisition of the VASP license underscores its "commitment to innovation in the global financial landscape while ensuring transparency, regulatory compliance, and open access to the benefits of blockchain technology."

“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," CEO Richard Teng said in an announcement on Thursday.

The news follows reports yesterday that Binance would be returning to India after registering with the country's Financial Intelligence Unit (FIU) of the financial ministry with a $2 billion penalty, whilst converting $1 billion of its Secure Asset Fund for Users (SAFU) to USDC.

Binance has also recently been caught up in African drama after Nigeria accused the exchange of crashing its national currency. A Binance executive who escaped custody has been tracked down to Kenya and is now facing extradition back to Nigeria.