Binance's Middle East Progress Continues With Operating License in Dubai

It’s the second approval this week in that region for the crypto exchange.

Mar 16, 2022 at 2:26 p.m. UTC
Updated Mar 16, 2022 at 2:56 p.m. UTC

Brandy covers crypto-related venture capital deals for CoinDesk.

Binance, the world’s largest crypto exchange by trading volume, has obtained a license to operate in Dubai as a virtual asset service provider.

  • “Binance is appreciative of being awarded this license in such a progressive regime, targeting uncompromised governance and market security,” said founder and CEO Changpeng Zhao.
  • Earlier this month, Dubai’s ruler announced the creation of a regulatory and licensing authority as the emirate looks to become a major global player in the digital asset industry. Bloomberg one week ago reported Binance was nearing approval there.
  • Under the initial regulatory phase of having a Virtual Asset License, Binance will be able to offer limited exchange products and services to pre-qualified investors and professional financial service providers. Regulators will closely monitor operations with an eye towards eventually opening access to the retail market.
  • It’s the second operating license for Binance in the Middle East, the company earlier this week having announced a similar award from the Central Bank of Bahrain.

Read more about
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Brandy covers crypto-related venture capital deals for CoinDesk.

CoinDesk - Unknown

Brandy covers crypto-related venture capital deals for CoinDesk.

Trending

1
CoinDesk - Unknown
Could Local Digital Currencies Improve Communities?

That's the argument of the president of the RadicalxChange Foundation.

That's the argument of the president of the RadicalxChange Foundation.

CoinDesk - Unknown
2
CoinDesk - Unknown
After the Terra Meltdown: What's Next for Stablecoins?

The largest token collapse in crypto history. So let Luna die.

The largest token collapse in crypto history. So let Luna die.

CoinDesk - Unknown
3
CoinDesk - Unknown
5 Key Takeaways From a16z's State of Crypto Report

The venture firm is extremely bullish on Web 3.

The venture firm is extremely bullish on Web 3.

CoinDesk - Unknown
4
CoinDesk - Unknown
Regulators Are Paying Attention to UST

The collapse of terraUSD (UST) is algorithmic stablecoins’ Libra moment.

The collapse of terraUSD (UST) is algorithmic stablecoins’ Libra moment.

CoinDesk - Unknown