spot_imgspot_imgspot_img

Bitcoin Exchange Binance Announces It Has Been Licensed In Dubai!

  • Binance has announced that it has obtained a license to operate in Dubai, fulfilling the prerequisites since obtaining the preparatory license in September last year.
  • Last year, Binance acquired the Minimum Viable Product (MVP) license from the Virtual Assets Regulatory Authority (VARA) in Dubai.
  • Dubai follows a four-stage licensing process, and Binance has successfully passed three of these stages.

As the world’s largest cryptocurrency exchange, Binance has met the requirements to operate in Dubai and has successfully obtained the license.

Binance Is Ready to Operate in Dubai

binance-dubai

Binance, the world’s largest cryptocurrency exchange, announced in the early hours today that it has obtained a license to operate in Dubai, fulfilling the prerequisites since obtaining the preparatory license in September last year.

In the previous year, Binance acquired the Minimum Viable Product (MVP) license from the Virtual Assets Regulatory Authority (VARA) in Dubai, enabling it to open a local bank account to hold local customers’ funds, run a cryptocurrency exchange, and offer payment and custody services.

In a blog post, Binance stated:

“The transition from the Temporary License granted in 2022 to the Operational MVP License means that eligible users in Dubai can now access legal services in accordance with VARA’s defined standards, including the ability to securely convert virtual assets to fiat currencies.”

Dubai follows a four-stage licensing process, and Binance has successfully passed three of these stages, with full compliance expected for the Full Market Product (FMP) license.

Binance’s regulatory journey in Dubai is not only groundbreaking in the UAE but also globally, as it paves the way for the evolution of virtual asset services. VARA granting Binance the Operational MVP License represents a significant step towards regulated, secure, and customer-centric virtual asset services in the future.

Binance’s success in obtaining this latest license is a testament to its commitment to working hand in hand with regulators and sets a precedent for positive cooperation in this rapidly evolving financial technology landscape.

Next on the Agenda: Japan

Binance obtaining this license in Dubai comes at a time when it is facing challenges in re-entering Japan and is encountering obstacles in Germany, Austria, Belgium, and the Netherlands. Binance’s U.S. arm has also been accused of operating an unregistered exchange by regulators.

Binance announced in July 24 that it will launch its cryptocurrency exchange in Japan in August. Previously, the exchange had acquired the Japan-based and JFSA-registered cryptocurrency exchange Sakura Exchange BitCoin in November 2022.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news

spot_imgspot_imgspot_imgspot_img

Latest News

Bitcoin Approaches Its Next Halving: Can This Time Be Different?

As Bitcoin nears another halving, the crypto community watches closely, anticipating its potential impact on the market amidst evolving circumstances.

Bitcoin Funding Rate Dips Negative Amid $251M ETF Inflows: A Bearish Signal or Market Resilience?

This article delves into the recent negative turn in Bitcoin's funding rate against a backdrop of significant ETF inflows, exploring whether this signals a bearish trend or underscores the cryptocurrency's resilience.

Massive XRP Transfer Raises Concerns: XRP May Experience Selling Pressure!

The substantial transfers of XRP have garnered attention; will the transfers to Bitso and Bitstamp create selling pressure on XRP?

Uniswap Introduces “uni.eth” Subdomains with ENS Integration: Here are the Details!

Decentralized exchange platform Uniswap has introduced uni.eth subdomains with Ethereum Name Service integration.

Ripple Initiates Collaboration with Zoniqx to Empower Asset Tokenization

Ripple, a leading enterprise blockchain and crypto solutions provider, joins forces with Zoniqx: Here are the details!
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Ethereum Breaks $3K as Rally Continues: What’s Next for ETH?

This article dives into Ethereum's recent surge past $3,000, analyzing the technical indicators and market dynamics driving its ascent and future prospects.

Will Bitcoin Rise To $50,000? Current BTC Analysis

Bitcoin is trading at $48,400 and may rise to $50,777 if it closes above $48,200. However, caution is advised in the range of $50,777 - $52,000. Corrections are common in the crypto market, so careful consideration is necessary before spot investments.

Where is the Solana Rise Target? Current SOL Analysis!

Solana is trading near the $108 resistance on the 8-hour chart, with a potential target of $111.84 if it surpasses this level. However, caution is advised in the $111.84 - $117.20 resistance range on the 6-hour timeframe.

Medium Term Ethereum Technical Analysis! What Awaits Its Investors?

When examining the medium-term technical chart of Ethereum, strong buying pressure is observed, pushing the price up from the $2139 support to the $2350 region. However, for the price to sustain its upward movement, it needs to surpass the $2407 resistance.

Can Bitcoin Fall To $35,000 Levels? Current BTC Analysis

When examining Bitcoin's 5-day technical chart, the analysis from January 18 is ongoing, indicating a continued downward movement from the $48,189 level. Bitcoin needs to close 5-day candles above the $44,200 resistance to gain momentum for an upward trend. 
Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
spot_imgspot_imgspot_imgspot_img

Bitcoin Approaches Its Next Halving: Can This Time Be Different?

As Bitcoin nears another halving, the crypto community watches closely, anticipating its potential impact on the market amidst evolving circumstances.

Bitcoin Funding Rate Dips Negative Amid $251M ETF Inflows: A Bearish Signal or Market Resilience?

This article delves into the recent negative turn in Bitcoin's funding rate against a backdrop of significant ETF inflows, exploring whether this signals a bearish trend or underscores the cryptocurrency's resilience.

Massive XRP Transfer Raises Concerns: XRP May Experience Selling Pressure!

The substantial transfers of XRP have garnered attention; will the transfers to Bitso and Bitstamp create selling pressure on XRP?