The UAE’s cryptocurrency market continues to outperform other countries in the Middle Eastern region. This stems from the nation’s dedication to fostering regulatory clarity and attracting crypto entrepreneurs and lovers. Over the past months, different crypto exchanges have gotten licenses to operate in different parts of the Emirates nation.
Crypto Exchanges with Licenses in the UAE
Crypto.com
In April 2024, Crypto.com received full operational approval from Dubai’s Virtual Assets Regulatory Authority (VARA). According to Crypto.com, this full license from VARA “marks a first for a global crypto operator to be operational with fiat in the UAE.” The company also announced plans for additional product launches, including more offerings aimed at retail users.
This comes months after the exchange received a Virtual Assets Service Provider (VASP) license to offer users in the UAE specific virtual asset service activities. The VASP license allowed the exchange to offer retail and institutional investors exchange, broker-dealer, and lending and borrowing services.
Binance
Binance also received its virtual asset service provider (VASP) license in April 2024 from Dubai’s regulatory authority, Virtual Assets Regulatory Authority (VARA). In a statement, the subsidiary described the license as “a significant milestone for Binance and the global virtual asset landscape.”
The VASP license allows Binance to offer more users access to virtual asset-related services. Previously, the company operated in Dubai under an operational minimum viable product (MVP) license, which it received in July of last year.
The MVP license allows firms to provide virtual asset exchange and broker-dealer services to “qualified and institutional investors.” With the VASP license, Binance will now be able to extend its services to “retail investors,” defined by VARA as entities that do not qualify as either qualified or institutional investors. This means Binance can now provide services to individual investors in Dubai who do not meet the previously mentioned criteria.
CoinMENA
CoinMENA obtained its broker-dealer services license last November. It obtained a Virtual Asset Service Provider (VASP) license for VA Broker-Dealer services from Dubai’s Virtual Assets Regulatory Authority (VARA). This license permits the company to operate and provide its services within and from Dubai.
Until CoinMENA obtained the license, it had been serving UAE users from its base in Bahrain. With the newly acquired VARA license, CoinMENA FZE can now operate from its Dubai Head Office. Additionally, it can use local banking services and offer UAE-based users the convenience of instant money deposits and withdrawals.
Final Words
The UAE is known to be crypto-friendly. It is one of the countries with well-defined crypto regulations. Some of the crypto exchanges that have a license to serve users in the county are Binance, crypto.com, CoinMENA, etc.
Frequently Asked Questions
Which Crypto Exchange is Legal in the UAE?
Crypto exchanges legal in the UAE include Binance, Crypto.com, etc.
Which Company has received a UAE License to Operate as a Regulated Crypto Exchange?
Companies with a license to operate as a crypto exchange in the UAE are Binance, Crypto.com, CoinMENA, etc.
Is Binance Legal in the UAE?
Yes, Binance is legal in the UAE.
Can Dubai Residents Buy Bitcoin on Binance?
Yes, Dubai residents can buy Bitcoin on Binance.
Does Binance Work in Saudi Arabia?
Yes, Binance works in Saudi Arabia
Which is the best Bitcoin Wallet in the UAE?
Some of the best Bitcoin wallets in the UAE include Treaxor, Coinbase Wallet, Zengo, Trust Wallet, etc.
