The Virtual Assets Regulatory Authority (VARA), the entity that oversees crypto activities in Dubai, has asked Binance to provide more information about its business requirements in its efforts to tighten regulatory guardrails in the emirate, Bloomberg reported.
Citing three anonymous sources, Bloomberg reported on April 5 that the regulator had asked Binance to submit more information about the exchange’s ownership structure, governance and auditing processes. The people close to the matter said VARA has requested the same details from global crypto players looking to be licensed in Dubai.