(MENAFN) Binance, a leading provider of blockchain technology and digital currency infrastructure, has achieved a significant milestone by obtaining a "Virtual Asset Services Provider" license from the Virtual Assets Regulatory Authority in Dubai. This achievement follows the initial issuance of a "minimum viable product" license that Binance acquired in July 2023, marking a notable progression in the company's regulatory compliance journey.
Richard Teng, CEO of Binance, emphasized the importance of the newly acquired license, stating that it underscores the company's unwavering commitment to fostering financial innovation while adhering to regulatory standards. Teng highlighted Binance's dedication to transparency, regulatory compliance, and responsible growth in the virtual asset sector, aligning with the UAE's ethos of embracing innovation to benefit its residents and support economic transformation.
The transition from a minimum viable product license to a virtual asset services provider license signifies Binance's readiness to broaden its product and service offerings to cater not only to qualified investors and institutions but also to the retail market. This expansion aligns with Binance's vision of democratizing access to digital assets and advancing financial inclusion.
Alexander Shehadeh, General Manager of Binance in Dubai, emphasized the importance of the newly obtained license in solidifying the company's commitment to providing secure and high-quality services to its users. Shehadeh praised Dubai's forward-thinking approach, recognizing the city's embrace of blockchain technologies and its understanding of the financial opportunities they present.
The acquisition of the "Virtual Asset Services Provider" license represents a significant milestone for Binance, reaffirming its position as a leading player in the global digital asset ecosystem. It also underscores Dubai's status as a hub for innovation and technology adoption, positioning the city as a key player in the rapidly evolving blockchain industry.
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