Binance has expanded its presence in the Middle East receiving a virtual asset license in Dubai, UAE. The news comes just two days after the company was granted a license from Bahrain’s CB. In the initial regulatory stage under the supervision of the Virtual Asset Regulatory Authority (VARA), Binance will be allowed to extend limited products and services to pre-qualified investors and experienced financial services providers.
Related: Binance Gets Its First License in Bahrain
Along with exchange services, Binance will build a blockchain tech hub in Dubai World Trade Center. Binance’s Changpeng Zhao (CZ) said it's critical for the crypto and blockchain industry to operate in accordance with high standards of regulations and compliance to develop and mature. CZ said the team has been working to show that Binance meets and exceeds the requirements of regulators such as the Dubai Virtual Asset Regulatory Authority."
Director General of Dubai Department of Economy and Tourism, Helal Saeed Almarri said VARA indicates that Dubai is confident in the potential of virtual assets. He added that regulators aim to boost innovation and secure public interest. Almarri noted VARA's granting Binance a license meets the commitment of the exchange to the Dubai agenda to provide the certainty of governance reached due to shared responsibility and social security ensured by the legal framework.