NewsletterBreaking: Binance Becomes First Crypto Exchange To Get Major License In Dubai
The world’s largest crypto exchange Binance’s subsidiary has become the first exchange to receive the Operational Minimum Viable Product license in Dubai, the United Arab Emirates. Users can now access regulated virtual asset services on the exchange, such as fiat on-ramp and off-ramp services under Dubai’s Virtual Assets Regulatory Authority (VARA) investor protection and market assurance standards.
Binance Gets Operational MVP License In Dubai
Dubai’s Virtual Assets Regulatory Authority (VARA) approved Binance with an Operational Minimum Viable Product (MVP) license to operate virtual asset exchange services, according to an announcement on July 31.
Alexander Chehade, Binance Dubai’s General Manager, said:
“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 Dubai subsidiary Binance FZE can now offer services approved by VARA, including virtual asset exchange and broker-dealer services. Initially, the crypto exchange will provide services to institutional and qualified retail investors.
Binance FZE received a provisional MVP license in March 2022 and a preparatory MVP license in September 2022. The approval of the first Operational MVP license shows compliance with local regulators and regulatory framework for Virtual Asset Service Providers (VASPs).
The license will allow Binance users to safely convert virtual assets to fiat under VARA standards in compliance with the Financial Action Task Force (FATF) rules.
Also Read: Curve Finance (CRV) Price Tanks After Major DeFi Exploit
Binance Looks To Dubai As Global Crypto Hub
Binance considers Dubai as the global crypto hub due to crypto-friendly regulations and CEO Changpeng “CZ” Zhao likely living in the city. In fact, the UAE has embraced blockchain technology, Web3, and virtual assets to create a thriving industry.
Amid the regulatory challenges and intense scrutiny in other countries, Binance views the city as its home and scale services for institutions, retail investors, and the global virtual asset community.
Also Read: US SEC Asked Coinbase to Halt Trading For All Crypto Except Bitcoin
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