Binance’s Dubai License A Sign Of Things To Come For Crypto Regulation
July 31, 2023 9:28 AM | 2 min read
Binance’s Dubai subsidiary has received the Operational Minimum Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA).
The license allows the cryptocurrency exchange to offer broker-dealer services in Dubai, initially to institutional and qualified retail investors.
The Operational MVP license follows Binance’s successful attainment of a provisional MVP license in March 2022 and a preparatory MVP license in September 2022.
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With this license, VARA has permitted Binance FZE to operate two licensed activities: virtual asset exchange services and virtual asset broker-dealer services, limited to institutional and qualified retail investors in Dubai.
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The progression from the Provisional License to an Operational MVP License means eligible users in Dubai can now access authorized services, including the ability to safely convert virtual assets to fiat.
These services are compliant with VARA-designated standards and the intergovernmental Financial Action Task Force.
Institutions and residents that qualify to use the services provided by the Operational MVP License in Dubai can do so knowing they are under investor protection and market assurance standards tailored specifically for the virtual asset sector.
Richard Teng, Head of Regional Markets at Binance, commented: “We are honored to be the first exchange to be granted an operational Minimum Viable Product License by VARA. 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.”
Alexander Chehade, Binance Dubai’s General Manager said that 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.
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