Binance FZE Secures Full VASP Licence from Dubai’s VARA, Expands Services and Product Offerings

Binance FZE Secures VASP Licence from Dubai’s VARA, Expands Services

In a groundbreaking development for the global virtual assets services provider (VASP), Binance FZE has successfully obtained a VASP licence from Dubai’s Virtual Assets Regulatory Authority (VARA). This achievement comes on the heels of the issuance of the Minimum Viable Product (MVP) Licence in July 2023 and marks a significant milestone for Binance FZE.

With the new VASP licence in hand, Binance FZE is poised to expand its services beyond spot trading and fiat services. This move represents a strategic step towards enhancing the current offerings and catering to a wider range of clients, including retail investors, qualified users, and institutional investors.

Richard Teng, CEO at Binance, expressed his excitement about the milestone, stating, “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.”

The transition from an MVP Licence to a VASP Licence enables Binance FZE to offer a broader portfolio of virtual asset products, including spot trading, margin trading for qualified users, and staking products. This expansion will allow the company to better serve its customers and meet the growing demand for virtual asset services in the region.

Alex Chehade, general manager at Binance FZE, emphasized the significance of the milestone, stating, “This is a major milestone that validates our commitment to providing secure, compliant, and top-tier services to our users. It underlines Dubai’s position as a forward-thinking city – acknowledging and embracing the financial potential that blockchain technology brings.”

The VASP licence also enables Binance FZE to diversify its trading services exclusively for qualified and institutional investors, offering margin and derivatives products such as futures and options. These services are currently restricted to those who meet the qualified investor criteria, ensuring compliance and responsible growth in the digital assets domain.

Overall, the acquisition of the VASP licence by Binance FZE represents a significant step forward in the company’s mission to revolutionize the financial landscape through compliance, innovation, and responsible growth. The move also highlights Dubai’s commitment to embracing blockchain technology and its transformative economic implications for residents in the region.