Dubai Licenses Binance & FTX
Dubai’s Virtual Asset Regulatory Authority has licensed FTX and Binance cryptocurrency exchanges FTX. was the regulator that was established in Dubai last week, when the first law to regulate cryptocurrency assets was passed.
Binance announces Wednesday:
Dubai’s Virtual Asset Regulatory Authority has granted us a license to use virtual assets.
The company explained that Binance would be able “to operate within Dubai’s ‘test adapt-scale’ virtual assets market model as a base to expand into the region.”
Binance stated that all licensed VARA service providers would be monitored to ensure access to the retail marketplace. Binance also noted that it will allow limited exchange products and services to qualified investors and professional financial service providers in the future.
Further information about Binance:
Binance will also be involved in exchange operations. Binance will also anchor a Blockchain Technology Hub at the Dubai World Trade Centre.
Binance also announced this week that it had obtained a full licence from Bahrain’s central bank.
The European arm of FTX has been approved by the Dubai Virtual Asset Regulatory Authority. The company announced earlier this week that FTX Europe & MENA was the first crypto exchange to be granted a license by VARA “to set up and operate its virtual assets (VA) exchange, clearinghouse services and in Dubai, United Arab Emirates. (UAE).
FTX detailed:
FTX Europe is the anchor of Dubai’s program to promote global VA regulatory frameworks. It becomes the first VA exchange fully regulated to test complex crypto derivatives for professional institutional investors in a reputed international jurisdiction.
Sam Bankman-Fried, CEO of FTX, commented:
FTX is proud that it was the first licensee to operate under Dubai’s prudential supervision system.
Similar to Binance’s, FTX explained that it can “operate within Dubai’s test-adapt-scale’ VA market model. This model has strict regulatory oversight and FATF [Financial Action Task Force] compliance checks.”
