2024-04-19 00:00:00
Binance, a provider of blockchain technology and digital currency infrastructure, announced yesterday that it has obtained a “virtual asset service provider” license from Dubai’s Virtual Assets Regulatory Authority.
This license follows the initial issuance of a “minimum viable product” license, which Binance obtained in July 2023.
Binance CEO Richard Teng said: “Obtaining the (virtual asset service provider) license significantly reinforces our full commitment to developing the financial landscape, through compliance and innovation. It confirms our commitment to the principles of transparency, regulatory compliance and responsible growth in the field of virtual assets, and demonstrates the spirit of innovation that prevails in the UAE, which continues its efforts to embrace economic capabilities and transformation of blockchain technologies. in a way that benefits and supports the growth of its residents. He added: “Binance’s transition from a minimum viable product license to a virtual asset service provider license will allow it to expand its product and service offerings to include the retail market, in addition to qualified investors and institutions.
Binance Dubai Managing Director Alexander Shehadeh said: “Obtaining the (virtual asset service provider) license is an essential milestone that confirms our commitment to providing secure and high-level services to our users, and clearly indicates Dubai’s position and prospects. a reflection that embraces and understands the financial capabilities it offers. This license will allow Binance to focus on diversifying trading services, allowing qualified individual and institutional investors to participate in margin and derivatives products, including futures and options.
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