{"id":63050,"date":"2022-03-19T09:02:06","date_gmt":"2022-03-19T09:02:06","guid":{"rendered":"https:\/\/www.cryptocabaret.com\/?p=63050"},"modified":"2022-03-19T09:02:06","modified_gmt":"2022-03-19T09:02:06","slug":"dubais-new-virtual-asset-regulator-licenses-crypto-exchanges-binance-ftx","status":"publish","type":"post","link":"https:\/\/www.cryptocabaret.com\/?p=63050","title":{"rendered":"Dubai\u2019s New Virtual Asset Regulator Licenses Crypto Exchanges Binance, FTX"},"content":{"rendered":"

\"Dubai's<\/p>\n

Dubai\u2019s Virtual Asset Regulatory Authority <\/strong>has licensed two cryptocurrency exchanges: Binance and FTX. The regulator was formed last week when Dubai approved its first law to regulate crypto assets.
<\/strong><\/p>\n

Dubai Licenses Binance and FTX<\/h2>\n

Cryptocurrency exchanges FTX and Binance have been licensed by Dubai\u2019s Virtual Asset Regulatory Authority (VARA). The regulator was established<\/a> last week when the first law to regulate crypto assets was adopted in Dubai.<\/p>\n

Binance announced Wednesday:<\/p>\n

\n

We have been granted a virtual asset license from Dubai\u2019s Virtual Asset Regulatory Authority (VARA).<\/p>\n<\/blockquote>\n

With this license, \u201cBinance will be able to operate within Dubai\u2019s \u2018test-adapt-scale\u2019 virtual asset market model as a base for expansion into the region,\u201d the company explained.<\/p>\n

\u201cAll licensed VARA service providers will be monitored progressively to open access to the retail market,\u201d Binance noted, adding that in the future, it \u201cwill be permitted to extend limited exchange products and services to pre-qualified investors and professional financial service providers.\u201d<\/p>\n

Binance further revealed:<\/p>\n

\n

In addition to exchange operations, Binance will anchor a blockchain technology hub in the Dubai World Trade Centre.<\/p>\n<\/blockquote>\n

This week, Binance also said that it has obtained a full license<\/a> from the central bank of Bahrain.<\/p>\n

The Dubai Virtual Asset Regulatory Authority has also approved the European arm of FTX exchange. The company said earlier this week that FTX Europe & MENA has become the first crypto exchange to obtain a license from VARA \u201cto establish and operate its virtual asset (VA) exchange and clearinghouse services in Dubai, United Arab Emirates (UAE).\u201d<\/p>\n

FTX detailed:<\/p>\n

\n

As an anchor within Dubai\u2019s programme to drive progressive global VA regulatory frameworks, FTX Europe becomes the first fully regulated VA exchange to trial complex crypto derivatives dedicated to professional institutional investors within a reputed international jurisdiction.<\/p>\n<\/blockquote>\n

FTX CEO Sam Bankman-Fried commented:<\/p>\n

\n

FTX is proud to be the first licensee under Dubai\u2019s prudential supervision regime.<\/p>\n<\/blockquote>\n

Similar to Binance, FTX explained that the license allows it \u201cto operate within Dubai\u2019s \u2018test-adapt-scale\u2019 VA market model which has rigorous regulatory oversight and mandatory FATF [Financial Action Task Force] compliance controls.\u201d<\/p>\n

What do you think about Binance and FTX expanding in Dubai? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

Dubai\u2019s Virtual Asset Regulatory Authority has licensed two cryptocurrency exchanges: Binance and FTX. The regulator was formed last week when Dubai approved its first law to regulate crypto assets. Dubai Licenses Binance and FTX Cryptocurrency exchanges FTX and Binance have been licensed by Dubai\u2019s Virtual Asset Regulatory Authority (VARA). The regulator was established last week […]<\/p>\n","protected":false},"author":2,"featured_media":63051,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[309],"tags":[],"class_list":["post-63050","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/63050","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=63050"}],"version-history":[{"count":0,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/63050\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/media\/63051"}],"wp:attachment":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=63050"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=63050"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=63050"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}