Cryptocurrency Binance has received another license from the Dubai crypto regulator. Binance can now provide more crypto-related services in Dubai.
Binance’s new license in Dubai
Cryptocurrency Binance announced on Wednesday that it has received the Minimum Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA).
The announcement clarifies that in addition to allowing Binance to “open a client account with a national bank,” having an MVP license means:
Binance can offer an approved range of virtual asset related services to suitably qualified retail and institutional investors in Dubai.
Approved services are cryptocurrency exchange services, conversion between cryptocurrencies and fiat currencies, transfer of crypto assets, custody and management, virtual token offering and trading services , and payment and funds transfer services.
VARA, established in March under the Dubai Virtual Assets Regulation Act, is responsible for licensing and regulating the crypto sector in the Emirate of Dubai and its free zone territories (to except the DIFC) under UAE law. Binance received a provisional license from VARA in March, which allowed the exchange to offer limited crypto services.
His Excellency Helal Saeed Almarri, President of VARA, said:
We are delighted that Binance is allowed to operate under the VARA MVP program.
“VARA looks forward to Binance being an active contributor, reinforcing Dubai’s commitment to building a next-generation secure ecosystem for this future economy,” he added.
Changpeng Zhao (CZ), Founder and CEO of Binance, commented:
At Binance, we welcome globally consistent regulations, enabling responsible innovation, protecting users, and giving them choice.
Binance has expanded its presence in Europe, with local entities in the MENA region and across Europe in Italy, France, and Spain.
What do you think of Binance receiving a license to offer more services in Dubai? Let us know in the comments section below.
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