Binance, one of the world’s largest cryptocurrency exchanges, has recently obtained a license to operate its virtual asset exchange services in Dubai. This allows Binance’s subsidiary in Dubai, called Binance FZE, to provide services to eligible retail investors and organizations.
Prior to this, Binance faced various challenges and increased scrutiny from different countries. In March 2022 and September 2022, Binance received temporary licenses to operate. However, with the recent license acquisition in Dubai, they can now officially operate in one of the most prestigious cities in the world.
Nevertheless, despite having obtained licenses in Dubai and some other regions, Binance still encounters growing regulatory oversight in other global markets. For instance, they recently had to withdraw license application from BaFin, the financial regulatory authority of Germany, and their office in Australia underwent an inspection as part of an ongoing investigation into the cryptocurrency exchange.
In the United States, Binance is under the radar of multiple regulatory agencies, ranging from being sued by the Commodity Futures Trading Commission (CFTC) in March 2023 to facing legal actions by the Securities and Exchange Commission (SEC) for alleged securities law violations.