Binance receives green light for crypto services in Dubai

The new MVP license is a transition from an interim license received under a new regulatory framework earlier this year. Crypto exchange Binance has received a minimum viable product (MVP) license from Dubai's Virtual Asset Regulatory Authority (VARA), allowing the crypto exchange to offer a range of virtual asset services to retail and institutional investors qualified, the company said on Tuesday.

This development follows the issuance of the provisional license granted in March, which allowed the company to open an office in the United Arab Emirates and provide digital asset exchange services to investors and prequalified financial companies.

With this new authorization, Binance will be able to offer a range of virtual asset-related services to qualified retail and institutional investors under the Virtual Asset Service Provider (aka VASP) legislative framework.

It will also allow the company to access local banking channels and provide open money accounts, virtual currency conversions, asset transfers, custody and management, and banking services. offering and trading of tokens.

Changpeng Zhao (CZ), Founder and CEO of Binance, commented in a statement:

"We believe there is a significant opportunity to work with our industry peers to develop consistent implementation standards around the world, as we did in Dubai."

Binance's actions suggest that it intends to further expand its presence in the Middle East. In March, the exchange was granted a license to operate in Bahrain, offering crypto services including custody, trading and portfolio management.

Established in March 2022, Dubai...