Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Binance Faces Crypto Regulation in Dubai in Addition to the US

Published 04/09/2023, 04:26 AM
Updated 04/09/2023, 04:30 AM
Binance Faces Crypto Regulation in Dubai in Addition to the US

  • Dubai’s VARA has requested Binance to submit the details regarding its business requirements.
  • The city’s move is to approach crypto innovation with stringent regulations.
  • The regulation poses stress on Binance as the company has been facing regulations from the US also.

According to the latest reports, the Virtual Assets Regulatory Authority (VARA) in Dubai has ordered the leading crypto exchange Binance which received the authority’s MVP license in September 2022, to submit more details regarding the company’s “ownership structure, governance, and auditing procedures”.

Significantly, the report stated that Dubai, in an attempt to confront the crypto challenges with stringent rules, asked the crypto exchange to provide information on the company’s business requirements.

Notably, the three anonymous sources cited by the report commented that the UAE city pays keen attention to the crypto companies applying for licenses. The VARA’s move intends to scrutinize the crypto exchanges to ensure firms comply with the “highest” regulatory standards.

Recently, the media Bloomberg shared a Twitter post commenting that “Dubai, the adopted home of Binance founder Changpeng “CZ” Zhao, is boosting scrutiny of crypto license applicants”:

As a reaction, the Binance officials stated that they have “disclosed all necessary answers to VARA on a proactive basis and in with our [their] regulatory and fiduciary responsibilities”.

Nonetheless, the advancing regulations pose restrictions over Binance as in addition to Dubai, the United States has also inflicted pressure on the company. On March 28, the US Commodity Futures Trading Commission (CFTC) filed a lawsuit against the crypto firm alleging that it has been functioning without proper registration.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Further, the sources of information stated that the VARA has been scrutinizing and has requested to submit the necessary details to all the international crypto exchanges that seek licenses, as a part of mitigating the crypto losses after the financial crux.

The post Binance Faces Crypto Regulation in Dubai in Addition to the US appeared first on Coin Edition.

See original on CoinEdition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.