The world’s largest crypto exchange and payment processor Binance (profile) arrive in Dubai. The Ruler of Dubai, his Highness Sheikh Mohammed bin Rashid Al Maktoum, issued the Dubai Virtual Asset Regulation Law. Binance announced that it secured such a virtual asset license to operate in Dubai.
The company will operate within Dubai’s “test-adapt-scale” virtual asset market model and be “permitted to extend limited exchange products and services to pre-qualified investors and professional financial service providers”, it said in a statement late Wednesday.
Binance will operate as part of the Virtual Asset Regulatory Authority (VARA) initial regulatory phase, which includes rigorous oversight and mandatory FATF [Financial Action Task Force] compliance controls.
“High standards of regulation and compliance are critical to the development and maturing of the global crypto and blockchain industry … our team has been working tirelessly to demonstrate how we meet and exceed the requirements of regulators such as the Dubai VARA,” said Changpeng Zhao, founder, and chief executive of Binance.