Binance receives licence to serve retail customers in Dubai

  • Binance has obtained a licence in Dubai, expanding its services to include retail customers in the city alongside with qualified investors.
  • The acquisition of the Virtual Asset Service Provider (VASP) licence not only enables Binance to facilitate the trading of cryptocurrencies and fiat currencies but also empowers the provision of margin trading products.
  • Binance CEO Richard Teng emphasiced the significance of securing the full market VASP licence, highlighting the company’s commitment to compliance and innovation.

Binance, the cryptocurrency exchange, has secured a licence in Dubai, enabling it to offer its services to retail customers in the city.

Dubai grants permission

Dubai’s regulator Virtual Assets Regulatory Authority (VARA) has granted permission for the platform to expand its target market to include retail clients alongside institutional customers.  

Securing the Virtual Asset Service Provider (VASP) licence empowers Binance to expand its services beyond facilitating the trading of various cryptocurrencies and fiat currencies. Additionally, it enables the provision of margin trading products.

Binance CEO Richard Teng, in an official statement, highlighted, “As we secure the esteemed full market VASP Licence, it notably amplifies our unwavering commitment to advancing the financial landscape through compliance and innovation. This achievement embodies our dedication to transparency, regulatory compliance, and responsible growth in the dynamic digital assets domain.”

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Also read: Binance stops bitcoin NFT support to streamline offerings

Retail market expansion

Binance FZE General Manager Alex Chehade expressed gratitude for the release of the full VASP licence, saying this “underlines Dubai’s position as a forward-thinking city– acknowledging and embracing the financial potential that blockchain technology brings.”

Binance FZE, the Dubai subsidiary of Binance, secured a Minimum Viable Product (MVP) licence in 2023. This licence enables Binance to provide broker-dealer services and exchange services specifically designed for institutional investors and qualified investors.

Binance FZE is now well-equipped to extend its product offerings into the retail sector due to the transition from an MVP to a VASP licence. With this update, individual clients now have access to a wide range of services and products related to digital assets, such as staking, margin trading, and spot trading.

Sylvia-Shen

Sylvia Shen

Sylvia Shen, a news reporter at BTW media dedicated in Fintech and Blockchain. She graduated from University of California, Davis. Send tips to s.shen@btw.media.

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