Binance Founder's Adopted Home Dubai Tightens Crypto Scrutiny

Regulator seeks information about board processes, auditing

Binance has a ‘Preparatory MVP’ crypto license in Dubai

ByBen Bartenstein, Leen Al-Rashdan and Emily Nicolle+Follow

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Dubai is tightening scrutiny of crypto license seekers in the wake of last year’s bankruptcy of digital-asset exchange FTX, requesting additional information from applicants like Binance, people familiar with the matter said.

Officials at Dubai’s Virtual Assets Regulatory Authority have in recent weeks asked Binance to provide more information on its ownership structure, governance and auditing procedures, said the people, who requested anonymity to discuss private deliberations. VARA is requesting similar information from all international companies seeking permits, three of the people said.