Dubai Virtual Assets Regulatory Authority has licensed two cryptocurrency exchanges: Binance and FTX. The regulator was formed last week when Dubai passed its first law to regulate crypto assets.

Dubai Binance and FTX Licenses

Cryptocurrency exchanges FTX and Binance have been licensed by the Virtual Assets Regulatory Authority (VARA) in Dubai. The regulator was settled down last week when the first law to regulate crypto assets was adopted in Dubai.

Binance announced on Wednesday:

We have been granted a Virtual Assets License from the Dubai Virtual Assets Regulatory Authority (VARA).

With this license, “Binance will be able to operate within Dubai’s ‘test-fit-scale’ virtual asset market model as a basis for expansion in the region,” the company explained.

“All licensed VARA service providers will be progressively monitored to open up access to the retail market,” Binance noted, adding that going forward, “limited exchange products and services will be allowed to extend to pre-qualified investors and professional financial service providers.” . .”

Binance further revealed:

In addition to exchange operations, Binance will anchor a blockchain technology center at the Dubai World Trade Center.

This week, Binance also said that it got a full license of the central bank of Bahrain.

The Dubai Virtual Assets Regulatory Authority has also approved the European arm of the FTX exchange. The company said earlier this week that FTX Europe & MENA became the first crypto exchange to obtain a license from VARA “to establish and operate its virtual asset (VA) exchange and clearinghouse services in Dubai, Emirates. United Arab Emirates (UAE)”.

Detailed FTX:

As an anchor within the Dubai program to drive forward progressive global VA regulatory frameworks, FTX Europe becomes the first fully regulated VA exchange to trial complex crypto derivatives dedicated to professional institutional investors within a renowned international jurisdiction.

FTX CEO Sam Bankman-Fried commented:

FTX is proud to be the first licensee under the Dubai prudential supervision regime.

Like Binance, FTX explained that the license allows it to “operate within Dubai’s ‘test-adapt-scale’ VA market model, which has rigorous regulatory oversight and mandatory FATF requirements.” [Financial Action Task Force] compliance checks”.

What do you think about the expansion of Binance and FTX in Dubai? Let us know in the comments section.

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