Binance obtains Dubai licence to target retail clients

FILE PHOTO: A smartphone with displayed Binance logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

DUBAI (Reuters) - Cryptocurrency exchange Binance said on Thursday it had secured a licence from Dubai's regulator VARA that will allow the platform to target retail clients in addition to qualified and institutional ones.

Under the Virtual Asset Service Provider (VASP) licence, unit Binance FZE will also be able to extend its current services beyond spot trading and fiat services by offering margin trading products - for qualified users - and staking products, it said in a statement.

(Reporting by Federico Maccioni; editing by Jason Neely)

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