UAE - Mubasher: Binance has been granted a virtual asset license from Dubai’s Virtual Asset Regulatory Authority (VARA) to expand its businesses in the region.

Through the license, Binance will be able to operate in Dubai's virtual asset market and offer exchange products and services to pre-qualified investors and professional financial service providers, according to a press release on Thursday.

Meanwhile, the virtual asset exchange will launch a blockchain technology hub in the Dubai World Trade Centre.

The Founder and CEO of Binance, Changpeng Zhao (CZ), said: "The collaborative way in which Binance has been engaged to bring proven industry compliance leading experience to the Dubai ecosystem is indicative of the unique operating model that the VARA is creating for the global industry."

The Director-General of Dubai World Trade Centre Authority, Helal Saeed Almarri, commented: "Onboarding Binance within the VARA is reflective of their commitment to the Dubai agenda - to provide the global industry the certainty of governance, enabled by 'shared industry responsibility' and legislative security for society."