Binance Obtains License in Dubai

Binance, a blockchain technology and cryptocurrency infrastructure provider, has received a "Virtual Asset Services Provider" license from the Dubai Virtual Assets Regulatory Authority. Binance's CEO, Richard Teng, stated, "Our acquisition of the Virtual Asset Service Provider license significantly enhances our full commitment to developing the financial landscape through compliance and innovation. It affirms our commitment to the principles of transparency, regulatory compliance, and responsible growth in the virtual asset space, and it testifies to the innovative spirit prevalent in the UAE, which continues to adopt the economic and transformative capabilities of blockchain technologies for the benefit and support of its residents' growth." He added, "The transition from Binance's minimum viable products license to the Virtual Asset Service Provider license will enable the expansion of its product and service offerings to include the retail market, in addition to qualified investors and institutions," according to the Emirates News Agency. This license comes after the initial issuance of the "minimum viable products" license, which Binance received in July 2023.