Binance Gets License to Operate as a Crypto Exchange in Dubai

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Binance FZE, a subsidiary of Binance, has been granted a basic operating license by Dubai’s local regulator VARA, enabling them to offer broker-dealer services, cryptocurrency trading, and the conversion of fiat currencies to digital assets, and vice-versa.

This marked the first time that a company has achieved such a status in the region, and the license comes with the knowledge that customers will be guarded and protected as per the standards set by FATF.

“Our priority is to make sure that this Dubai-based exchange is running within full regulation and compliance with FATF standards” stated Richard Teng, Head of Regional Markets at Binance.

However, regulatory pressure on the company from European authorities have increased, following the United States Securities and Exchange Commission filing a lawsuit against Binance and its CEO Changpeng Zhao in June.

As a result, the organization withdrew its applications for a license in the UK, Germany, Austria, and Cyprus, while the Belgian Financial Services and Markets Authority ordered it to cease all operations in the Netherlands.

Residing beyond Europe, the Australian Securities and Investments Commission rescinded the exchange’s license in April, with officers of the agency also raiding its office in July to probe into