Binance is the first cryptocurrency exchange in Dubai, United Arab Emirates, to obtain the Operational Minimum Viable Product license.
The subsidiary of the world’s largest cryptocurrency exchange, Binance, has become the first exchange in Dubai, United Arab Emirates, to obtain the Operational Minimum Viable Product license.
Users now have access to regulated virtual asset services on the exchange, such as fiat on-ramp and off-ramp services, following Dubai’s Virtual Assets Regulatory Authority (VARA) investor protection and market assurance standards.
Binance Receives an MVP Operating License in Dubai
According to an announcement dated July 31, Dubai’s Virtual Assets Regulatory Authority (VARA) has granted Binance an Operational Minimum Viable Product (MVP) license to operate virtual asset exchange services.
General Manager of Binance Dubai, Alexander Chehade, stated:
“The last few years have cemented Dubai as a global virtual asset hub and we are excited to be a witness to that growth as we build on our operations here, with continued commitment to market and investor security.”
Binance’s subsidiary in Dubai, Binance FZE, can now provide VARA-approved services, such as virtual asset exchange and broker-dealer services. The cryptocurrency exchange will initially offer services to qualified institutional and retail investors.
In March 2022, Binance FZE was granted a provisional MVP license, followed by a preparatory MVP license in September 2022. Compliance with local regulators and the regulatory framework for Virtual Asset Service Providers (VASPs) is demonstrated by the first Operational MVP license certification.
The license will enable Binance users to convert virtual assets to fiat per VARA standards and Financial Action Task Force (FATF) regulations.
Binance Views Dubai As Global Crypto Hub Due to crypto-friendly regulations and CEO Changpeng “CZ” Zhao’s probable residence in Dubai, Binance views Dubai as the global crypto hub. The UAE has incorporated blockchain technology, Web3, and virtual assets to establish a thriving industry.
Binance views the city as its home and expands services for institutions, retail investors, and the global virtual asset community in light of the regulatory challenges and intense scrutiny in other countries.
