I’Virtual Assets Regulatory Authority (VARA) of Dubai asks Binance for additional information on its legal structure and audit procedures. Dubai regulators seek to promote technological innovation related to cryptocurrency without compromising the security of users’ funds in particular.
Following the collapse of the FTX exchange platform, VARA is requesting more information from players applying for its crypto license, including Binance. Binance already holds the Minimum Viable Product (MVP) license, but no crypto-currency has only obtained the license to offer their full services to residents of Dubai. Global regulators, including VARA, are taking a tougher stance on cryptocurrency businesses, seeking a balance between innovation and protecting user funds.
Binance CEO, Changpeng Zhao (CZ), is facing legal issues in the United States, and VARA’s stricter approach could cause it additional problems. Binance has a complex legal structure and questions arise. VARA requests more information on Binance’s ownership structure and board procedures, a similar request having been made to other exchanges operating in the UAE.
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