In simpler terms, Dubai, famous for being innovative and supportive of blockchain tech, has given Binance‘s Dubai branch, Binance FZE, the complete authorization to function as a Virtual Asset Service Provider.
Opening Doors For Retail And Institutional Investors
Based on a news article from local sources, Binance FZE has acquired a VASP license which enables them to broaden their services in Dubai, providing investment opportunities for both individual and institutional clients.
Using this permit, Binance FZE is now capable of offering a complete selection of virtual asset services to individual clients. These offerings include regular trading, leveraged trading for eligible users, and staking. Richard Teng, Binance’s CEO, expressed great excitement about the license.
Obtaining the prestigious full-market VASP License significantly strengthens our resolve to improve the financial sector by prioritizing compliance and invention. This milestone showcases our commitment to clarity, adherence to regulations, and sustainable expansion within the rapidly evolving digital asset industry.
Obtaining the VASP license signifies Binance’s strong commitment to compliance and regulated cryptocurrency offerings. In response to intensifying regulatory scrutiny in countries like Nigeria and the US, the exchange has made significant strides to adjust, going so far as to bring on a new board of directors.
Alex Chehade, Binance FZE’s General Manager, highlighted the importance of this regulatory update for the company, asserting that it holds great significance for us.
Reaching this significant achievement demonstrates our dedication to delivering safe, compliant, and elite services to our customers. It highlights Dubai’s innovative stance, recognizing and welcoming the financial possibilities that blockchain technology offers.
Binance Strengthens Its Position In The UAE
With the recent approval of their new license, Binance FZE now has the permission to provide sophisticated trading features, including futures and options, for eligible professional and institutional investors.
Yet, the document points out that only investors with accredited status and satisfying certain conditions can gain access to these advanced derivative products with increased risk.
Meera Judge, Binance FZE’s Compliance Officer and Head of Risk, emphasized the importance of adherence to regulations and risk mitigation for the company.
Receiving the Binance FZE VASP license is another demonstration of our unwavering focus on following regulations and managing risks. By obtaining this license, we are showing our commitment to both our users and regulatory bodies, strengthening our reputation for clear and accountable operations.
Instead of that, Stephanie Emile, in her role as Head of Operations, voiced her enthusiasm over the fresh possibilities presented by the VASP license. She shared that the company is equally elated and looking forward to embarking on this new phase.
In the end, being granted a VASP license under VARA makes Binance FZE a significant player in the UAE for its operational services related to cryptocurrencies. This strengthens Dubai’s status as a vibrant center for cryptocurrency regulation and underscores the emirate’s dedication to fostering technological advancements.
The price of BNB, which is the native token for the exchange, is now at $544. This represents a small 0.6% increase over the last day. Yet, it suffered losses of 9% and 7% in the previous week and fortnight, respectively.
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2024-04-18 20:41