Binance secures full operational license in Dubai with goal of reaching 200 million global users

Binance, a global cryptocurrency exchange, has been granted a full operational licence to operate in Dubai. This move is expected to boost the adoption of digital assets and strengthen the regulatory environment in the UAE.

The Virtual Assets Regulatory Authority has granted a virtual asset service provider licence to Binance. This licence will allow Binance to expand its services to include retail investors, in addition to its current spot trading and fiat services.

This Vasp licence follows the operational minimum viable product licence that Binance received in July 2023, which enabled it to provide exchange and broker-dealer services in Dubai.

Binance aims to reach over 200 million users soon, solidifying its position as the world’s largest crypto exchange by user count. This growth is supported by the increasing institutional adoption and regulatory clarity in the industry.

The UAE, including Dubai, is actively supporting the adoption of digital assets. Initiatives such as the Dubai Virtual Asset Regulation Law and the establishment of Vara aim to create a robust regulatory framework and attract stable investments in the crypto space.

The global cryptocurrency investor community achieved total gains worth $37.6 billion last year, with investors in the Emirates realizing capital gains worth $204 million from cryptocurrency investments. Dubai’s position as a technology hub makes it well-placed to embrace the financial potential of blockchain technology.

Overall, the regulatory approach in the UAE is evolving, with potential to set regional benchmarks for other GCC nations to follow suit.

Updated: April 18, 2024, 10:50 AM

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