The world's largest cryptocurrency exchange, Binance, has received a license to operate in Dubai as a regulated platform. The authorization will allow the crypto giant to offer exchange and other services for virtual assets to institutional and qualified retail investors.
Dubai Virtual Assets Regulatory Authority Grants Binance MVP License
Crypto exchange Binance announced Monday that its Dubai subsidiary, Binance FZE, has been issued with an Operational Minimum Viable Product (MVP) license by Dubai's Virtual Assets Regulatory Authority (VARA).
The license enables the platform to provide regulated services in and from Dubai such as exchange and broker-dealer services for crypto assets, initially limited to institutional and qualified retail investors, the company explained.
In a blog post, Binance pointed out it's the first exchange to secure an MVP license, describing the development as a "milestone achievement" that affirms its "commitment to building a compliant exchange in collaboration with local regulators."
The latest regulatory approval for Binance in Dubai comes after in 2022, VARA granted the exchange a provisional MVP license in March and then a preparatory MVP license in September, the crypto firm noted in the announcement.
The upgrade to an Operational MVP License will allow eligible users in Dubai to access authorized services, including crypto-fiat conversion, under standards that are compliant with the recommendations of the Financial Action Task Force (FATF).
"Operating within this regulated ecosystem, we are committed to ensuring secure and seamless customer migration, with robust Know-Your-Customer and Customer-Due-Diligence as part of the rigorous onboarding remediation as stipulated by VARA," said Richard Teng, head of Regional Markets at .
The authorization in Dubai, UAE, comes at a time when Binance is under increased pressure from regulators in a number of other jurisdictions, including the United States where it's fighting lawsuits filed by the securities and commodities commissions. In Europe, the crypto behemoth pulled out of a number of markets or withdrew its applications for licenses.
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Source: Bitcoin.com
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