- Dubai's Virtual Assets Regulatory Authority (VARA) is tightening scrutiny of crypto license seekers, including Binance.
- VARA is requesting more information on ownership structure, governance and auditing procedures from all international companies seeking permits.
- Dubai is trying to balance fostering innovation with the need to have proper oversight of the industry.
- Binance has disclosed all necessary answers to VARA on a proactive basis and in line with regulatory and fiduciary responsibilities.
- Dubai's crackdown on unlicensed OTC crypto exchanges is part of a broader push to get the UAE off the FATF's gray list.
Bloomberg — Business — Cryptocurrencies — Crypto — Regulation — Finance
Binance Founder's Adopted Home Dubai Tightens Crypto Scrutiny
Dubai tightens scrutiny of crypto license seekers, requesting additional information from Binance and other companies. Dubai's crackdown on unlicensed OTC crypto exchanges is part of a broader push to get the UAE off the FATF's gray list.