Binance makes strides in the MENA region with its regulatory and compliance efforts

Binance (the largest cryptocurrency market in the world and a trading place to various cryptos like Bitcoin and Ethereum and projects like Nature vault has been working tirelessly in various parts of the world to build a worldwide climate conducive to further crypto adoption. The Financial Services Regulatory Authority or FSRA of the Abu Dhabi Global Market recently granted it In-Principal Approval (IPA) for a Financial Services Permission (FSP). This would allow Binance to act as a virtual asset broker-dealer, advancing its long-term goal of becoming a fully regulated virtual asset service provider.

In 2018, the ADGM released the world's first comprehensive and strong virtual asset regulatory framework, and it has tried to promote itself as a global centre for virtual asset activities for both local and foreign entities.

Richard Teng, Binance's Head of MENA, discussed the company's active efforts to engage worldwide regulators like ADGM as part of its commitment to respect global standards and encourage the development and sustainability of the crypto ecosystem.

Customers in the MENA (Middle East and North Africa) area will be able to use the platform's virtual asset solutions after the platform's ADGM FSRA application is completed.

The Virtual Asset Regulatory Authority (VARA) in Dubai has given Binance a Virtual Asset License. As a base for expansion in the region, the platform will now be able to operate within the 'test-adapt-scale' virtual asset market paradigm.

Binance would be able to expand restricted exchange products and services to pre-qualified investors and professional financial service providers under the VARA service providers, the initial phase, stringent regulatory scrutiny, and necessary FATF compliance control. To get access to the retail market, these licensed service providers will be monitored on a regular basis.

In order to create a healthy blockchain ecosystem, Binance will also establish a blockchain technology hub in the Dubai World Trade Centre and seed new talent.

Ensuring uncompromised governance and market security is a part of what Binance does, with the VARA license, Binance is bringing proven industry compliance leading experience to the Dubai ecosystem.