Binance FZE secures Virtual Asset Service Provider license in Dubai

Binance FZE, Binance’s Dubai subsidiary, has received a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA).

Following the initial issuance of the Minimum Viable Product (MVP) license, this marks a significant milestone for Binance and the global virtual asset landscape.

The transition from an MVP to a VASP license allows Binance FZE to extend its product offerings to the retail market alongside qualified and institutional investors. Individual customers can now access a broad range of digital asset products and services, including spot trading, margin trading, and staking.

Upon initiating operations under the new VASP license, Binance FZE will significantly increase its current offerings beyond spot trading and fiat services. Rather than simply expand the token selection, users can look forward to a greater variety of exchange services. This landmark global license paves the way for all UAE customers to utilize a regulated platform for a full spectrum of virtual asset products and services.

Binance FZE General Manager Alex Chehade commented:

“This is a major milestone that validates our commitment to providing secure, compliant, and top-tier services to our users globally. It underlines Dubai’s position as a forward-thinking city, acknowledging and embracing the financial potential that blockchain technology brings.”

For users seeking passive income opportunities, Binance FZE will offer tailored services specifically for this purpose, such as Simple Earn. Enhancing the scope of investment strategies available, it will also introduce new options through its lending and borrowing services, including virtual asset loans. Additionally, management and investment services will enable users to leverage features such as ETH staking, BNB Vault, and Launchpool to amplify the earning potential of their digital assets.

The license will allow qualified and institutional investors to engage in margin and derivatives services, including futures and options. Currently, these offerings are restricted to those that meet the investor criteria.

Richard Teng, Binance’s CEO, commented:

“The acquisition of the distinguished VASP license doesn’t merely underline but conclusively proves our steadfast commitment to revolutionizing the future of finance. Our attainment of this milestone stands as a solid affirmation of our continued drive for transparency, regulatory compliance, and responsible growth in the ever-expanding digital asset sphere. It’s a thrilling prospect to extend further access to the transformative economic benefits of blockchain technology to our users in the UAE.”