Binance receives VASP license from Dubai’s VARA

By Shilpa Annie Joseph, Official Reporter
  • Follow author on
Binance receives VASP Licence
Rep. Image

Binance, the Dubai entity of the world’s leading global virtual assets services provider, has received the Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA).

This license, subsequent to the previous issuance of the Minimum Viable Product (MVP) License in July 2023, marks a significant milestone for Binance.

Richard Teng
Richard Teng
CEO – Binance

“As we secure the esteemed full-market VASP License, it notably amplifies our unwavering commitment to advancing the financial landscape through compliance and innovation. This achievement embodies our dedication to transparency, regulatory compliance, and responsible growth in the dynamic digital assets domain. Furthermore, it bears testimony to the innovative spirit of the UAE, as it continues to embrace the transformative economic implications of blockchain technology for its residents.”

The transition from an MVP License to a VASP License allows Binance FZE to extend its product offering and expand its services to the retail market, in addition to qualified and institutional investors. Binance can now offer individual customers a broad portfolio of virtual asset products that includes spot trading, margin trading (for qualified users), and staking products.

Binance General Manager Alex Chehade said that, “This is a major milestone that validates our commitment to providing secure, compliant, and top-tier services to our users. It underlines Dubai’s position as a forward-thinking city – acknowledging and embracing the financial potential that blockchain technology brings.”

Upon initiating operations under the new VASP License, Binance will significantly enhance its current services beyond spot trading and fiat services.

This license allows diversifying trading services exclusively for qualified and institutional investors only, where these segments are eligible to engage in margin and derivatives products, including futures and options. Presently, these services are strictly restricted to those that meet the qualified investor criteria.

Recommended | ADHA brings out integrated version of ‘ISKAN Abu Dhabi’ App