Through the new license, the company will be able to access local banking channels and provide digital asset-related services.
, which permitted the company to set up an office in the United Arab Emirates and provide digital asset exchange services to pre-qualified investors and financial firms.
With the new permission, Binance will be able to offer a range of virtual asset-related services to qualified retail and institutional investors under the legislative framework for virtual asset service providers . It will also permit the company to access local banking channels and provide open money accounts, virtual-fiat currency conversions, assets transfers, custody and management, as well as token offering and trading services."We strongly believe there is a significant opportunity to work with our industry peers to develop consistent implementation standards around the world, as we have been doing in Dubai.
Binance's actions suggest that it intends to further expand its presence in the Middle East. In March, the exchangeEstablished in March 2022, Dubai’s VARA is responsible for
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