One of the world’s biggest cryptocurrency exchanges by exchange volume, Binance, announced that is has become the latest firm to be granted a virtual asset license in Dubai. This comes after the firm received its crypto service provider license in Bahrain. Binance is the first crypto exchange to be issued the license in the Gulf region, IgbereTV reports
FTX was also awarded a license in Dubai to open local headquarters and will offer crypto derivatives products to institutional investors in Dubai with the new license. In a release, Binance said that this means it will be permitted to extend limited exchange products and services to pre-qualified investors and professional financial service providers.
The license, issued under the Virtual Asset Regulatory Authority (VARA) initial regulatory phase, allows it to operate within Dubai’s ‘test-adapt-scale’ virtual asset market model as a base for expansion into the region
