Binance FZE, the Dubai-based entity of the global virtual assets services provider (VASP), has bagged a VASP licence from Dubai’s Virtual Assets Regulatory Authority (VARA).
The development, following the issuance of the Minimum Viable Product (MVP) Licence in July 2023, represents a significant milestone for Binance. It means it can enhance its current services beyond spot trading and fiat services.
“As we secure the esteemed full market VASP licence, it notably amplifies our unwavering commitment to advancing the financial landscape through compliance and innovation,” commented Richard Teng, CEO at Binance.
“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 Licence to a VASP Licence enables Binance FZE to extend both its product offering and its services to the retail market, as well as to qualified and institutional investors. Binance FZE can also now offer individual customers a broad portfolio of virtual asset products that includes spot trading, margin trading (for qualified users), and staking products.
Binance FZE general manager Alex Chehade also commented: “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.”
This licence 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.
