DUBAI, UAE — Binance FZE, the Dubai entity of the world’s leading global virtual assets services provider, today announced that it has received the Virtual Asset Service Provider (VASP) licence from Dubai’s Virtual Assets Regulatory Authority (VARA). This licence, subsequent to the previous issuance of the Minimum Viable Product (MVP) Licence in July 2023, marks a significant milestone for Binance.

Binance CEO Richard Teng stated, "As we secure the esteemed full market VASP Licence, it notably amplifies our unwavering commitment to advancing the financial landscape through compliance and innovation. This achievement embodies our dedication to transparency, regulatory compliance, and responsible growth in the dynamic digital assets domain. Furthermore, it bears testimony to the innovative spirit of the UAE, as it continues to embrace the transformative economic implications of blockchain technology for its residents.”

The transition from an MVP Licence to a VASP Licence allows Binance FZE to extend its product offering and expand its services to the retail market, in addition to qualified and institutional investors. Binance FZE can now offer individual customers a broad portfolio of virtual asset products that includes spot trading, margin trading (for qualified users), and staking products.

Binance FZE General Manager Alex Chehade said, "This is a major milestone that validates our commitment to providing secure, compliant, and top-tier services to our users. It underlines Dubai's position as a forward-thinking city – acknowledging and embracing the financial potential that blockchain technology brings."

Upon initiating operations under the new VASP Licence, Binance FZE will significantly enhance its current services beyond spot trading and fiat services.

This licence allows diversifying trading services exclusively for qualified and institutional investors only, where these segments are eligible to engage in margin and derivatives products, including futures and options. Presently, these services are strictly restricted to those that meet the qualified investor criteria.

Binance FZE invites users to explore this new array of opportunities as soon as possible. For more information, please visit www.binance.com/en-AE

About Binance

Binance is the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users and features an unmatched portfolio of crypto products and offerings, including trading and finance, education, data, and research, social good, investment and incubation, decentralization and infrastructure solutions, and more. For more information, visit: https://www.binance.com 

Risk Warning: Risk Warning: Virtual Asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur.

Media Contacts:
Binance: pr@binance.com

OTHER SPOKESPEOPLE QUOTES

Compliance Officer, MLRO and Head of Risk, Binance FZE, Meera Judge

The granting of the Binance FZE VASP licence further underscores the firm's steadfast commitment towards compliance and risk management - a pledge that extends beyond mere regulatory conformity and aims to establish new benchmarks in the operation of Virtual Asset Service Providers. This licence issuance symbolises our dedication to our users and regulatory authorities, reinforcing our adherence to transparent and responsible practices.

Head of Operations, Binance FZE, Stephanie Emile

We are excited for this next chapter where we can continue to service our retail clients in a fully regulated manner, while also prying open the gates to the previously untapped realm of institutional investors. Akin to the launch of the Bitcoin ETFs, the introduction of these regulations, is just beginning of this next area of growth in Virtual Assets.

About VARA:

Established in March 2022, following the effect of Law No.4 of 2022, VARA is the competent entity in charge of regulating, supervising, and overseeing VAs and VA Activities in all zones across the Emirate of Dubai, including Special Development Zones and Free Zones but excluding the Dubai International Financial Centre. VARA plays a central role in creating Dubai's advanced legal framework to protect investors and establish international standards for Virtual Asset industry governance, while supporting the vision for a borderless economy.

For more information visit: www.vara.ae