Dubai’s Virtual Asset Regulatory Authority Binance, and FTX are the two licensed cryptocurrency exchanges. Dubai’s first law to regulate crypto assets last week created the regulator.
Dubai permits Binance and the FTX
Cryptocurrency exchanges FTX and Binance have been licensed by Dubai’s Virtual Asset Regulatory Authority (VARA). This regulator was created in Dubai last week after the first law to regulate cryptocurrency assets was passed.
Binance has announced Wednesday that it will be opening its doors.
We have been granted a virtual asset license from Dubai’s Virtual Asset Regulatory Authority (VARA).
With this license, “Binance will be able to operate within Dubai’s ‘test-adapt-scale’ virtual asset market model as a base for expansion into the region,” the company explained.
“All licensed VARA service providers will be monitored progressively to open access to the retail market,” Binance noted, adding that in the future, it “will be permitted to extend limited exchange products and services to pre-qualified investors and professional financial service providers.”
Additional information on Binance
Binance will be anchored in Dubai World Trade Centre as a hub for blockchain technology.
Binance said this week it also obtained a full licence from Bahrain’s central banking.
Dubai Virtual Asset Regulatory Authority also approved the European wing of FTX. The company said earlier this week that FTX Europe & MENA has become the first crypto exchange to obtain a license from VARA “to establish and operate its virtual asset (VA) exchange and clearinghouse services in Dubai, United Arab Emirates (UAE).”
FTX detailed:
As an anchor within Dubai’s programme to drive 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 reputed international jurisdiction.
Sam Bankman-Fried, CEO of FTX commented:
FTX is proud to be the first licensee under Dubai’s prudential supervision regime.
Similar to 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 [Financial Action Task Force] compliance controls.”
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