Binance FZE, the Dubai-based subsidiary of the world-renowned cryptocurrency exchange, Binance, has obtained a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). Earlier the exchange was operating on a Minimum Viable Product (MVP) license. The crypto exchange shared this announcement on X platform.
This marks a transition for Binance FZE, following the initial issuance of the Minimum Viable Product (MVP) license in July 2023. The acquisition of the VASP license not only solidifies Binance FZE’s position as a leading player in the industry but also shows Dubai’s progressive stance towards embracing blockchain technology.
Under the purview of this esteemed license, Binance FZE is poised to expand its product offerings to cater to a diverse range of investors including retail, qualified and institutional clients. Individual customers can now access a diverse range of regulated virtual asset services, including spot trading, margin trading, staking and more which makes Binance FZE the go-to platform for comprehensive digital asset management solutions in the UAE and beyond.
Alex Chehade, who is the General Manager of Binance FZE, has shared his excitement about a recent milestone achieved by the company. He stated that this milestone is a testament to the unwavering commitment to providing secure, compliant, and top-tier services to users across the globe. Furthermore, it was reaffirmed that Dubai’s position as a forward-thinking city that embraces the enormous financial potential of blockchain technology.
Furthermore, the issuance of the VASP license heralds a new era of possibilities for users seeking passive income opportunities. Binance FZE will introduce tailored services such as Simple Earn, lending and borrowing facilities and management and investment services, enabling users to diversify their investment portfolios and maximize the earning potential of their digital assets.
Richard Teng, CEO of Binance, emphasized the significance of this achievement, stating,
This milestone represents a pivotal step towards democratizing access to the transformative economic benefits of blockchain technology for our users in the UAE.
Binance FZE’s acquisition of the VASP license signifies not only a remarkable accomplishment but also a testament to the company’s commitment to driving financial growth while complying to the highest standards of regulatory compliance.
