Binance FZE receives VASP license from Dubai Digital Assets Authority
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- Following the previous MVP license issuance in July 2023, Binance FZE received a VASP license from Dubai regulators. This achievement marks a major milestone for Binance’s mission of cultivating the future of digital assets.
- With the VASP license, Binance can expand its product offering in the UAE not only to institutional and qualified investors but also to individual investors. Accordingly, users can access a range of digital asset services such as spot trading, lending and borrowing, and staking.
- Eligible users can use margin and derivative products such as futures and options trading. Obtaining the VASP license underscores Binance’s commitment to innovation in the global financial sector while ensuring transparency, regulatory compliance, and enabling everyone to access the benefits of blockchain technology.
We are proud to announce that Binance FZE – our subsidiary in Dubai – has received a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA). Following the first Minimum Viable Product (MVP) license in July 2023, this license is an important milestone for Binance and the global virtual assets sector.
The transition from MVP license to VASP license allows Binance FZE to expand its product offering to individual investors along with institutional and qualified investors. Retail customers can now access a wide range of digital asset products and services such as spot trading, margin trading and staking – the widest array of regulated virtual asset services available today. only in the UAE but also around the world.
Explore new potential
Once it begins operating under the new VASP license, Binance FZE will significantly increase its current offerings beyond spot and fiat trading services. Instead of just expanding supported tokens, we will provide users with a wider range of services. This landmark global license enables all UAE customers to use a regulated platform to access a full range of digital asset products and services.
As Binance FZE General Manager Alex Chehade shared: “This is an important milestone that confirms our commitment to providing secure, compliant and industry-leading services to users globally.” . This license underlines Dubai’s position as a forward-thinking city, recognizing and embracing the financial potential that blockchain technology offers.”
Various services
For users looking for opportunities to increase passive income, Binance FZE offers suitable services specifically for this purpose, such as Simple Earn. By enhancing the range of existing investment strategies, the company will also introduce new options through lending and borrowing services, including digital asset loans. In addition, the management and investment service will allow users to take advantage of features such as ETH staking, BNB Vault and Launchpool to increase the earning potential of digital assets many times over.
With an emphasis on diversified trading services, this license will allow institutional and qualified investors to engage in margin and derivatives services, including futures and options. Currently, these services are only offered to investors who meet the investor criteria.
Richard Teng, CEO of Binance, said: “Obtaining this prestigious VASP license not only underscores but also convincingly demonstrates our steadfast commitment to revolutionizing the future of finance. Achieving this important milestone is a solid affirmation of our ongoing efforts towards transparency, regulatory compliance and responsible growth in the increasingly digital asset sector. extend. It is an exciting prospect to further expand access to the transformative economic benefits of blockchain technology for users in the UAE.”
Committed to growth
Obtaining a VASP license for Binance FZE is not only a notable achievement, but also a testament to our relentless pursuit of financial innovation, compliance, and global reach. With this prestigious license, we are poised to transform the digital asset sector in Dubai and beyond, giving everyone access to a diverse range of digital asset products and services.
With a firm commitment to expanding our reach while ensuring user safety and regulatory compliance, we are excited to bring new possibilities to both individual and institutional investors. position. This bold step strengthens our promise to create a secure, regulated space powered by the immense potential of blockchain technology. We continue to move forward with our vision of a more inclusive, transparent and efficient financial future for everyone.
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