Binance secures full VASP crypto licence in Dubai

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Global cryptocurrency exchange Binance has secured a full cryptocurrency licence in the emirate of Dubai.

An update on the Dubai’s Virtual Assets Regulatory Authority (VARA) registry on Thursday revealed that Binance now officially has a full VASP (Virtual Asset Service Providers) licence. This licence will enable Binance FZE to cater for institutional and qualified investors, as well as retail cryptocurrency trading. 

Up until now, Binance FZE — which is the company’s Dubai entity — has been providing its services under what it calls “interim operational MVP licences” since mid-2023.

In an interview with Bloomberg Television, Binance CEO Richard Teng explained the significance of this development.

“We are looking forward to working very closely with both the regulators here, as well as the partners here to bring about a very vibrant ecosystem in Dubai,” Teng told Bloomberg TV along the sidelines of the Token49 summit in Dubai on Thursday. 

When asked further about whether Binance would set up its global headquarters in Dubai or Abu Dhabi, Teng said Binance is still searching for a global HQ location.

“We are still in discussion with several jurisdictions on that front,” said Teng.

*This story was updated to reflect Binance’s new listing on the VARA registry.