- Binance received a license to operate in Dubai under new regulations.
BNB’s price remained stable, but sentiment around the token declined.
As a researcher with experience in the crypto industry, I’m encouraged by Binance’s recent move to obtain a license from Dubai’s regulatory authority, VARA. This demonstrates Binance’s commitment to regional compliance and sets a positive precedent for other exchanges looking to establish a presence in the Middle East.
As a crypto investor, I’m excited to share that Binance, the leading cryptocurrency exchange with the native token BNB, made an important announcement regarding its subsidiary in Dubai, Binance FZE. On June 26th, Binance FZE successfully obtained a Virtual Asset Service Provider (VASP) license from the Dubai regulatory authority, VARA. This significant milestone marks Binance’s commitment towards regional compliance and strengthens its presence in the Middle East market.
Binance makes big moves
As a researcher exploring the world of cryptocurrencies, I came across an exciting development: Binance, a well-known exchange in the digital currency space, established a regulated entity named Binance FZE in Dubai. This new entity, licensed by the Dubai Virtual Assets Regulatory Authority (VARA), is now authorized to offer various services related to virtual assets.
Following Binance’s withdrawal of its licensing application in Abu Dhabi earlier in the year, the company remains hopeful regarding the future development of cryptocurrencies in the area.
In 2023, Binance set up operations in Dubai, obtaining a Minimum Viable Product (MVP) license from the Virgin Islands Financial Services Commission (VARA). With this permit, they can cater to institutional investors and accredited individual investors.
The decision to locate in Dubai is part of a broader pattern in the cryptocurrency sector, as exchanges such as Crypto.com, Bybit, and OKX have likewise secured necessary licenses from the Virtual Assets Regulatory Authority (VARA).
The user base of Binance is about to reach an impressive new height. At present, over 188 million individuals use this cryptocurrency exchange. As they move closer to the 200 million mark, Binance leaves its nearest rival, Coinbase, behind with its 108 million users.
Starting in November, I, as the newly appointed CEO of Binance, am confident about driving the company towards more significant expansion. I believe we will surpass the milestone of 200 million users worldwide in the near future.
Teng identifies several reasons for the current rise in cryptocurrencies. A significant factor is the growing number of institutions adopting this asset class and investing in it.
Furthermore, the establishment of clearer rules and approvals for digital asset investments in different regions is making the market more inviting to newcomers.
The variety of elements drawing in new types of investors is significantly expanding Binance’s user base.
What’s next?
As a researcher observing the market trends, I’ve noticed that despite the advancements in the Binance exchange, the value of BNB took a downturn. At this moment in time, BNB is being traded at $577.07, representing a 3.71% decrease in value over the past twenty-four hours.
The level of social buzz for Binance Coin (BNB) has decreased, suggesting a decline in its popularity on social media. Additionally, the overall emotion attached to the token, as indicated by its weighted sentiment, has become more negative.
Read More
- SQR PREDICTION. SQR cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- DOP PREDICTION. DOP cryptocurrency
- SAGA PREDICTION. SAGA cryptocurrency
- BLOCX PREDICTION. BLOCX cryptocurrency
- XLM vs. XRP: Which One is Better, Stellar Lumens or Ripple?
- Top gainers and losers
- EUR BRL PREDICTION
- SEILOR PREDICTION. SEILOR cryptocurrency
2024-06-28 09:11