Dubai is going to tighten its cryptocurrency rules after increasing American pressure and recent events in the industry.
Dubai’s tightening of crypto rules could cause problems for Binance. Dubai had more relaxed rules than the rest of the world.
Dubai’s Strict Crypto Approach Could Hurt Binance
Dubai, the digital asset exchange last year FTX tightens scrutiny of crypto license seekers following the bankruptcy of . It requests additional information from applicants like Binance, according to people familiar with the matter.
of Dubai Virtual Assets Regulatory Authority (VARA) officials in recent weeks have asked Binance to provide more information on its ownership structure, governance and audit procedures. Three people, VARAHe said that ‘s requests similar information from all international companies seeking permission.
Binance chief executive officer who has made it a cornerstone of Middle East expansion while Dubai’s stricter approach faces increasing pressure from residents and US regulators Changpeng Zhaopossible headache.
Sam Blatteis, CEO of MENA Catalysts, which provides government relations advice, said in a statement on the subject:
“VARA seeks to transform Dubai into a capital for the digital asset economy while maintaining commercial ties with Western jurisdictions such as Europe that have adopted stronger crypto regulations.”
