Binance, which holds the title of the world’s largest cryptocurrency exchange by transaction volume, has gained an official license in another Gulf region. According to local media reports, Binance has passed official protocols to operate in Dubai.
The giant crypto trading platform has received approval from UAE government agency Virtual Asset Regulatory Authority VARA to serve individual and institutional investors.
Binance Head of International Markets, Richard Teng, said the following after the development:
“We became the first cryptocurrency exchange to obtain an operational MVP license by VARA. We are proud of ourselves. Things like this don’t happen in a day or two. We have been working for over a year to get a license in the Dubai region.”
Crypto Industry Eyes on the Gulf!
Altcoin projects show great interest in the gulf countries for the purpose of finding funds, and the exchanges for their large customer potential. The United Arab Emirates is among the main targets of blockchain developers due to its high capital capacity.
While the Gulf countries, which are accused of being “backward” by the Western world, embrace crypto money and blockchain technology, the government institutions of developed countries such as the USA continue to pose all kinds of difficulties against startups.
The SEC asked the exchange to delist all altcoins prior to the investigation, according to the Coinbase founder’s claim this morning.
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