Bybit bags provisional crypto license from Dubai regulator

The Virtual Asset Regulatory Authority (VARA) has granted Bybit a non-operational license to serve retail and institutional crypto investors in Dubai.

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UAE Strengthens Crypto Regulations with New Framework

The UAE has announced a new regulatory framework for virtual assets, enhancing compliance and encouraging innovation within the crypto industry. (Read More)

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Dubai does for crypto what Silicon Valley did for tech Govt affairs firm CEO

NH Managements Tao Xiao explained that VARAs objective is not to hinder progress but to secure the markets integrity.

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Binance Receives Full Operational Approval for Crypto Services in Dubai

Binance has announced that it has received a fullvirtual-asset services provider (VASP) license from Dubai's Virtual AssetsRegulatory Authority (VARA). This development follows almost a year after Binanceentered the third stage of Dubai's four-stage regulatory process.

Binance's Dubai Unit Expands Services

According to a VARA filing, Binance's local unit, BinanceFZE, secured an Operational MVP license in mid-2023. This initial licenseenabled the exchange to cater to institutional and qualified investors,offering broker-dealer services as well as virtual-asset derivatives trading.

Binance FZE's General Manager, Alex Chehade, emphasized thesignificance of the full VASP license, stating that it "underlines Dubai'sposition as a forward-thinking city, acknowledging and embracing the financialpotential that blockchain technology brings."

"As we secure the esteemed full market VASP Licence, itnotably amplifies our unwavering commitment to advancing the financiallandscape through compliance and innovation," the CEO, Richard Teng, said in astatement. "This achievement embodies our dedication to transparency,regulatory compliance, and responsible growth in the dynamic digital assetsdomain."

Binance CEO Richard Tang tells @VonnieQuinn the digital-asset exchange has received its long-sought full crypto license in Dubai https://t.co/eOXTsmr2NV pic.twitter.com/5ShdRw0Hag

Reports indicate that one condition attached to the licenserequired Binance's Co-Founder and former CEO, Changpeng "CZ" Zhao, torelinquish voting control within the local unit. CZ currently awaits sentencingin the United States after settling charges with the Department of Justice inNovember. His sentencing is scheduled for April 30.

#Binance is proud to have received a Virtual Asset Service Provider (VASP) licence from Dubais Virtual Assets Regulatory Authority (VARA).This milestone allows us to extend our services to the retail market alongside qualified and institutional investors.Read more

Binance Implements Governance Structure with Seven-MemberBoard

BinanceHoldings has established a seven-member Board of Directors after nearlyseven years since its inception, as reported by Finance Magnates. Gabriel Abed, the former Ambassador of Barbados to the UAE, assumes the role of Chair.

The Boardcomprises key figures including the CEO, Teng, the Co-Founder, Heina Chen, Xin Wang ofBayview Acquisition Corp, Arnaud Ventura of Gojo & Company, and the formerBinance employees, Lilai Wang and Jinkai. This move, spearheaded by Teng,marks a step for Binance towards accountability, following leadership changesprompted by legal challenges.

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VARAs CEO Proposes Cost-Sharing Model to Support Small Crypto Businesses

Matthew White, the CEO of Dubais Virtual Asset RegulatoryAuthority (VARA), has voiced intentions to alleviate regulatory pressures onsmaller cryptocurrency entities. Speaking at a regulatory panel during theParis Blockchain Week, White acknowledged the imperfections in current cryptoregulations and emphasized the need for improvements, particularly to supportsmaller players in the industry.

Proposed Measures for Crypto Industry Collaboration onCompliance

White highlighted the significant financial strainassociated with regulatory compliance, particularly for smaller businesseslacking adequate resources. He expressed VARA's focus on exploringsolutions to mitigate these challenges, aiming to create a regulatoryenvironment that accommodates all participants.

Among the proposed measures is a concept where largerplayers in the crypto space could provide support to smaller entities byshouldering a portion of their compliance costs. This model would allow smallerbusinesses to enter the regulated ecosystem without facing prohibitivecompliance expenses.

"The cost of compliance is borne by the larger systemicplayers, and this allows the smaller players to come into the ecosystem, beregulated, but also not have to suffer the same sort of level of costs ofcompliance that weve got," explained White.

Dubai's Virtual Asset Regulatory Authority (VARA) is exploring ways to ease the regulatory cost burden for smaller crypto firms.During Paris Blockchain Week, VARA CEO Matthew White discussed potential solutions, including a model where larger entities support smaller ones.

Prioritizing Industry Dialogue for Adaptive CryptoRegulations

Furthermore, White emphasized VARA's focus on innovationwhile simultaneously establishing effective regulations. He underscored theimportance of dialogue with industry stakeholders to ensure that regulatoryframeworks remain adaptable to the rapidly growing crypto landscape.

White assumed the role of CEO at VARA last year, succeedingformer CEO Henson Orser. His appointment coincided with VARA's preparations toenhance its market operations in response to tightened regulations in theUnited Arab Emirates (UAE).

In November 2023, the UAE regulators issued joint guidanceoutlining fines and sanctions for unlicensed virtual asset service providers, signallinga stricter regulatory environment for the crypto industry in the region.

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Binance Secures First Operational MVP License from Dubai's VARA

Binance has become the first to receive an Operational MVP License from Dubai's Virtual Assets Regulatory Authority (VARA), enabling regulated virtual asset services. (Read More)

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Binance Secures Operational License in Dubai despite Global Woes

When dark clouds gather over Binance in the USA and Europe, the sun begins to shine for the exchange in the Middle East. Binance FZE, the Dubai subsidiary of the crypto exchange, has been awarded an Operational Minimum Viable Product (MVP) license from Dubai's Virtual Asset Regulatory Authority (VARA).

This milestone represents a significant leap for the firm and its users, empowering it to offer virtual asset (VA) exchange and broker-dealer services to institutional and qualified retail investors in the emirate.

Binance Gains New License in Dubai

This latest advancement comes in the wake of VARA granting Binance a preparatory MVP license back in September 2022, which came with certain stipulations that the company had to fulfill to be eligible for full operations.

The shift to an operational MVP license signifies that eligible Binance FZE users can safely convert VA to fiat currency, adhering to Financial Action Task Force (FATF) compliant standards.

"Operating within this regulated ecosystem, we are committed to ensuring secure and seamless customer migration, with robust Know-Your-Customer and Customer-Due-Diligence as part of the rigorous onboarding remediation as stipulated by VARA," Richard Teng, the Head of International Markets at Binance, highlighted the company's commitment towards ensuring a smooth transition for its customers.

#Binance FZE, our Dubai-based subsidiary, is the world's first exchange to receive the Operational Minimum Viable Product licence in Dubai.Eligible users can now access regulated virtual asset services, such as fiat on and off ramp services via Binance FZE.More here ??

Teng continued to emphasize Binance's priorities moving forward, including operating a fully regulated exchange in Dubai within a FATF-compliant ecosystem. This will pave the way for global scalability without compromising user assurance.

Dubai Wants to Become a New Crypto Hub

Binance is not the only crypto company that has decided to launch its operations in the United Arab Emirates (UAE) and apply for local licenses. Previously, other major digital asset exchanges, including Bitget, ByBit and OKX, had announced a similar move.

In the face of regulatory challenges in Europe and the USA, the Middle East may become the main focus for the crypto industry. This is confirmed, among other things, by the latest move by Binance and the acquisition of another local license.

Alexander Chehade, the General Manager of Binance Dubai, confirmed that all users onboarding through this platform could anticipate access to a trusted and regulated service prioritizing security and compliance with highly specialized, tier 1 VA regulations under VARA.

The local market may have great potential in terms of the number of retail investors interested in trading. This is confirmed by data from the FX/CFD market, where the number of active traders is growing.

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Dubai Regulator Unveils Schedule of Fees for Virtual Asset-Related Activities

The Dubai Virtual Asset Regulatory Authority (VARA) recently announced the schedule of fees “covering the issuance of no-objection certificates to proprietary traders, amendments or withdrawal of licence applications, and the submission of whitepapers for VARA review.” According to VARA, licensed entities seeking to completely withdraw from Dubai will be asked to pay a license withdrawal [...]

The post Dubai Regulator Unveils Schedule of Fees for Virtual Asset-Related Activities appeared first on Crypto Breaking News.

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Dubai regulator grants Crypto.com MVP preliminary license

Crypto.com has obtained a minimal viable product (MVP) preparatory license from Dubai's Virtual Asset Regulatory Authority (VARA) to offer spot and derivatives instruments of virtual assets. (Read More)

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UAE Trade Minister Says Country Will Embrace Crypto

The UAE Minister of State for Foreign Trade, Thani Al-Zeyoudi, stated that “crypto will play a major role for UAE trade going forward”. This was [...]

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FTX was the 'fastest' corporate failure in US history — Trustee calls for probe

The Department of Justice's U.S. Trustee overseeing FTX’s bankruptcy case has moved for the court to appoint an independent examiner.

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Binance Granted MVP Licence To Boost Its Presence In Dubai

Binance, the world’s leading crypto exchange, has been issued the Minimal Viable Product [MVP] license from Dubai’s Virtual Asset Regulatory Authority [VARA], per local reports. Bahamas-based FTX subsidiary FTZ was the first recipient of the MVP VASP license back in July 2022. The MVP license allows Binance to operate inside Dubai’s legal framework for virtual […]

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Crypto.com gets nod in Dubai and FTX launches in Japan

Crypto.com will have further requirements before its full license is granted in the “near-term” and FTX said the move would allow it to work “directly with Japanese regulators.”

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Recapping the Artist Panel at Mint and Greet 2022

Artists shared their insights and professional backgrounds during Mint and Greet event of BitPinas.

The post Recapping the Artist Panel at Mint and Greet 2022 appeared first on BitPinas.

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Ethereum price moves toward $3K, but pro traders choose not to add leverage

ETH price is storming toward a key resistance level, but pro traders are reluctant to add leverage for three important reasons.

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Dubai Regulator VARA Crackdown On Memecoins: Issues Caution to Investors

Dubais crypto regulator VARA has warned about the dangers of memecoins, highlighting their lack of intrinsic value and high volatility. Investors must adhere to the authoritys regulations to avoid severe financial risks and penalties. Dubais Cracks Down on Memecoins Dubais Virtual Assets Regulatory Authority (VARA) has issued a warning to investors about the risks of […]

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Crypto In Dubai: Aquanow Gains VASP Registration from VARA

Canada-headquartered Aquanow, a crypto infrastructure provider, has bolstered its compliance efforts by securing a Virtual Asset Service Provider (VASP) license from Dubais Virtual Assets Regulatory Authority (VARA).

A Much-Sought Crypto License

Announced yesterday (Monday), the license will allow the company to offer broker-dealer, lending and borrowing, and management and investment services. However, the license remains non-operational until the company fully satisfies all remaining conditions and select localization requirements defined by VARA, a standard procedure for VARA-licensed entities.

Dubais D33 vision of emerging as a top global financial center and a major hub of innovation, testing, and commercialization of new technologies was a key factor in making the Emirate the centerpiece in our international growth efforts, Aquanows Co-Founder and CEO, Phil Sham, said.

We look forward to enabling a range of crypto use cases and contributing to the regions efforts that are leading the virtual assets industry in balancing consumer protections with world-changing technology.

Established in 2018, Aquanow offers digital assets infrastructure to institutions, enabling them to offer financial services. Its customer base includes banks, neobanks, brokerages, and payment companies. According to the company, each month, billions of dollar value pass through its platform.

Dubai Is Making a Mark in Global Crypto Map

Meanwhile, Dubai has become a preferred destination for crypto companies due to the citys clear regulations for the industry. The authorities in Dubai established VARA, an independent regulator only to oversee the locally licensed crypto companies, in March 2022, along with specific regulations for the industry.

Over the years, several crypto companies, retail and institutional, have established bases in the vibrant city of the Middle East and obtained local licenses. Among retail crypto exchanges were Binance, OKX, and Crypto.com, which have obtained licenses from VARA. Other companies like B2B Prime, GCEX, and HEX Trust also received a similar license to strengthen their presence in the Middle East.

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Crypto Exchange Okx Gets MVP Preparatory License From Dubai Regulator

Crypto exchange platform Okx Global has been granted the minimal viable product (MVP) preparatory license by the Dubai regulator, the Virtual Assets Regulatory Authority (VARA). The latest VARA license has been granted almost a year after Okx received the “provisional virtual assets license.” Crypto Exchange to Increase Dubai Office Staff The Dubai digital assets regulator, [...]

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CoinDCXs BitOasis receives full crypto license in Dubai

BitOasis received a full VASP license, marking the final step in its VARA licensing process and allowing it to offer a full range of crypto trading services.

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Avaras Lens secures $31M for SocialFi-focused L2 blockchain

Lens will give users ownership of their data and a chance for monetization when the mainnet launches early next year.

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