- Dubai’s virtual assets regulator has granted an operational MVP license to Binance.
- The crypto exchange can now offer crypto exchange and broker-dealer services to institutional and qualified retail investors.
- The crypto giant expects the UAE to emerge as a standard setter for the global crypto industry.
Binance FZE, the Dubai-based subsidiary of the world’s largest crypto exchange, has received an operational MVP license from Dubai’s Virtual Assets Regulatory Authority (VARA). The operational minimum viable product (MVP) license will allow the crypto exchange to offer crypto services, including exchange and broker-dealer services in Dubai.
Binance: UAE To Emerge As Global Standard Setter In Crypto
Binance FZE has become the world’s first crypto exchange to receive an operational MVP license from Dubai’s virtual assets regulator. The license from VARA will enable the crypto giant to operate two licensed activities in Dubai, crypto exchange services and crypto broker-dealer services, the crypto exchange said in a blog post.
The crypto giant’s Dubai-based subsidiary can now offer exchange and broker-dealer services to institutional and qualified retail investors in the region. The authorized services for qualified investors also include the conversion of virtual assets to fiat as per standards laid out by VARA.
With this operational MVP license, all users onboarded through this platform can expect access to a trusted and regulated service that prioritizes security alongside compliance with highly specialized, tier-one virtual asset regulations under VARA.”
Alexander Chehade, Binance Dubai’s General Manager
Binance described the latest development as indicative of its commitment to regulatory compliance in collaboration with local regulators. Richard Teng, the exchange’s Head of Regional Markets, indicated that the exchange’s operations in Dubai would set the stage for global expansion. The exchange added that the UAE’s vision for the crypto space would set precedents for the global industry.
The operational minimum viable product (MVP) license for Binance comes more than a year after the crypto exchange was granted a provisional MVP license in March 2022, which was followed by a preparatory MVP license in September. The latest development was positive for the exchange’s global regulatory compliance front after it withdrew a license application from Germany last week.