It’s the second approval this week in that region for the crypto exchange.
Binance, the world’s largest crypto exchange by trading volume, has obtained a license to operate in Dubai as a virtual asset service provider.
“Binance is appreciative of being awarded this license in such a progressive regime, targeting uncompromised governance and market security,” said founder and CEO Changpeng Zhao.
Earlier this month, Dubai’s ruler announced the creation of a regulatory and licensing authority as the emirate looks to become a major global player in the digital asset industry. Bloomberg one week ago reported Binance as nearing approval there.
Under the initial regulatory phase of having a Virtual Asset License, Binance will be able to offer limited exchange products and services to pre-qualified investors and professional financial service providers. Regulators will closely monitor operations with an eye towards eventually opening access to the retail market.
It’s the second operating license for Binance in the Middle East, the company earlier this week having announced a similar award from the Central Bank of Bahrain.