Two cryptocurrency exchanges, Binance and FTX, have been licensed in Dubai. crypto bitcoin $BTC
Dubai’s Virtual Asset Regulatory Authority
has licensed two cryptocurrency exchanges: Binance and FTX. The regulator was formed last week when Dubai approved its first law to regulate crypto assets.Cryptocurrency exchanges FTX and Binance have been licensed by Dubai’s Virtual Asset Regulatory Authority . The regulator wasBinance announced Wednesday: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.”In addition to exchange operations, Binance will anchor a blockchain technology hub in the Dubai World Trade Centre.
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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