Cryptocurrency Binance has received another license from Dubai’s crypto regulator. Binance can now offer more crypto-related services in Dubai.
Binance’s new license in Dubai
Cryptocurrency Binance announced on Wednesday that it has received the Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA).
The announcement describes that in addition to allowing Binance to “open a client money account with a domestic bank”, owning an MVP license means:
Binance may offer an approved suite of virtual asset-related services to suitably qualified retail and institutional investors in Dubai.
The approved services are crypto exchange services, exchange between cryptocurrencies and fiat currencies, crypto asset transfer, custody and administration, virtual token offering and trading services, and payment and remittance services.
Established in March under the Dubai Virtual Asset Regulation Law, VARA is responsible for the licensing and regulation of the crypto sector in the Emirate of Dubai and its free zone areas (excluding DIFC) under UAE law. Binance received a provisional license from VARA in March, allowing the exchange to offer limited crypto services.
His Excellency Helal Saeed Almarri, Chairman of VARA said:
We are pleased that Binance is licensed to operate under the VARA MVP program.
“VARA looks forward to Binance actively contributing and increasing Dubai’s commitment to creating a secure, next-generation ecosystem for this future economy,” he added.
Changpeng Zhao (CZ), Founder and CEO of Binance, commented:
At Binance, we embrace regulations that are consistent around the world, enable responsible innovation, protect users, and give them choices.
Binance has expanded its presence in Europe with local units in the MENA region and across Europe in Italy, France and Spain.
What do you think of Binance being licensed to offer more services in Dubai? Let us know in the comment section below.
As an Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economics and cryptography.
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