Binance FZE receives VASP Licence to expand its product offerings in Dubai
The largest cryptocurrency exchange in the world, Binance, recently revealed that its Dubai-based subsidiary, Binance FZE, has obtained a Virtual Asset Service Provider (VASP) license from Dubai's Virtual Assets Regulatory Authority (VARA).
With the VASP license, Binance is able to provide more products to investors and cryptocurrency traders in the United Arab Emirates (UAE).
#Binance is proud to have received a Virtual Asset Service Provider (VASP) licence from Dubai’s Virtual Assets Regulatory Authority (VARA).
— Binance (@binance) April 18, 2024
This milestone allows us to extend our services to the retail market alongside qualified and institutional investors.
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In a blog article published on the Binance website, the cryptocurrency exchange celebrated reaching a significant milestone in the progression from obtaining a provisional Minimum Viable Product (MVP) license in March 2022, a preparatory MVP license in September 2022, and the initial issuance of a MVP license in July 2023 to a VASP license.
Customers in the UAE can utilize the regulated platform to access a wide range of digital asset products and services, including spot trading, margin trading, and staking. The first move for Binance FZE under the new VASP license will significantly increase its current offerings beyond spot trading and fiat services.
The company will offer a variety of services for users, along with simple earn for those interested in passive income opportunities. They can also have access to features like Launchpool, BNB Vault, and ETH staking to increase their crypto profits. Customers that fulfill Binance FZE eligibility conditions will also have access to the buying and selling of futures and options.
General Manager of Binance FZE, Alex Chehade, stated, "This is a major milestone that confirms the company's commitment to providing secure, compliant, and top-rated services to users globally,"It highlights Dubai's standing as a forward-thinking city that understands the economic possibilities blockchain technology has to offer.
CEO of Binance, Richard Teng, emphasized Binance’s dedication to making an impact in the financial industry through obtaining the VASP license. This achievement highlights Binance's commitment to transparency, legal compliance, and responsible growth in the cryptocurrency sector. Customers in the United Arab Emirates will also benefit from the economic advantages of blockchain technology.
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