Dubai is intensifying its scrutiny of crypto permit applicants, requesting additional information from companies like Binance on their ownership structure, governance, and auditing procedures.

The Dubai Financial Services Authority's Virtual Assets Regulatory Authority (VARA) is seeking similar information from all international companies seeking permits, as part of efforts to regulate the cryptocurrency industry and combat money laundering and fraud. The move comes as Binance faces increased regulatory pressure from regulators around the world, including in the US, Japan, and the UK.

Binance has responded by disclosing all necessary information to VARA on a proactive basis and in line with regulatory and fiduciary responsibilities. However, VARA officials are also seeking information on ownership, auditing, and board procedures at the global group level of Binance, which is taking longer to address due to the company's size and complexity.