Crypto News Recap: Binance Receives Bahrain, UAE License

This week on Crypto News Recap, we have the world largest crypto exchange Binance getting the green light to operate in both UAE and Bahrain. Also, FTX Europe, another big player in the crypto field, was granted approval from the UAE regulator.

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While the biggest European military action since WWII continues to rage on, Ukraine, which is still receiving crypto-fuelled donations from the community, has decided to legalize crypto!
 

Binance Gets UAE, Bahrain License

The world largest crypto exchange by trading volume, Binance, has received its pertaining license from Bahrain regulators as well as Virtual Asset License from Dubai’s Virtual Asset Regulatory Authority (VARA). 

Changpeng Zhao (CZ), founder and CEO of Binance, said: “High standards of regulation and compliance are critical to the development and maturing of the global crypto and blockchain industry, which is why our team has been working tirelessly to demonstrate how we meet and exceed the requirements of regulators such as the Dubai Virtual Asset Regulatory Authority. Binance is appreciative of being awarded this license in such a progressive regime, targeting uncompromised governance and market security. 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.” 

It’s worth noting that Binance Blockchain Week will be hosted in Dubai, United Arab Emirates, between March 28 and 30, 2022, and will feature 80 prominent Blockchain speakers from around the world. Over 2,500 people will attend Binance Blockchain Week, with many more watching live on Binance Live. The event will delve into tomorrow's technology, including NFTs, the metaverse, and beyond.

FTX Europe Gets UAE’s VARA License

In Dubai, the United Arab Emirates, FTX has been granted permission to establish and operate its Virtual Asset (VA) Exchange and Clearing House services (UAE). FTX Europe becomes the first fully regulated VA Exchange to trial complex crypto derivatives geared to professional institutional investors within a reputable international jurisdiction, as part of Dubai's program to advance progressive worldwide VA Regulatory frameworks.

FTX CEO, Sam Bankman-Fried, commented on the news, "FTX is proud to be the first licensee under Dubai's prudential supervision regime. It's an honor to be one of the first approved applicants in such a specialised category and we are excited to be able to introduce complex crypto-derivatives products with centralised counterparty clearing to institutional markets. FTX receiving this approval is a continuation of our mission to be at the forefront of licensing and regulation around the world. We plan to continue playing a lead role in advancing the digital asset industry in countries that provide a robust regulatory framework, while also operating with the highest security, risk, and investor protection standards."

Also ReadBinance Wins Crypto Asset Service Provider License In Bahrain

Ukraine Regulates Cryptocurrencies Amid Community Aids

Ukrainian President Volodymyr Zelenskyy has given his approval to his government’s proposal of cryptocurrency amid the community's efforts to help the embattled nation. The president signed the law, titled "On Virtual Assets," which allows the government to regulate the domestic cryptocurrency industry, Cointelegraph announced:

The legislation framework grants Ukraine's National Securities and Stock Market Commission the permission to create the country's digital asset rules, give licenses to crypto firms, and function as a financial watchdog.