Global blockchain services provider Binance today announced that it has secured the Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA. The new authorization follows
The new license comes after the crypto exchange was granted a provisional license in March from Dubai’s newly formed digital asset regulator.
The new MVP license allows Binance to offer an approved range of virtual asset-related services to qualified retail, as well as institutional investors in Dubai. Furthermore, clients of the crypto exchange can also open a client money account with a domestic bank.
With the new regulatory license, Binance can offer services such as virtual asset exchange services, crypto-fiat conversions, crypto transfers, custody and management services, as well as token offerings. Moreover, Binance can also offer crypto payments and remittance services.
Changpeng Zhao (CZ), founder and CEO of Binance, commented:
VARA’s unique operating model is setting a benchmark for the global industry, and this most recent registration is an acknowledgement of our compliance and safety processes in the new regulatory framework. We strongly believe there is a significant opportunity to work with our industry peers to develop consistent implementation standards around the world as we have been doing in Dubai.
Helal Saeed Almarri, Chairman of VARA said:
The VARA regime aims to strike an effective balance between value creation and risk mitigation, enabling open market innovation while assuring protection for the economically vulnerable. The MVP Phase, is designed for select global players across the value chain, that are committed to responsible industry participation and VARA looks forward to Binance being an active contributor, reinforcing Dubai’s commitment towards creating a next-gen secure ecosystem for this future economy.
Apart from Dubai, Binance is now also regulated in Italy, France and Spain.
Alexander Chehade, Binance Dubai General Manager, added:
Our registration in Dubai is a reflection of the country’s progressive stance on blockchain technology and its willingness to embrace this sector through collaboration. We look forward to continued partnership as we build upon our team and operations in Dubai to roll out additional services including local banking capabilities and enhanced products.
Several big crypto brands, like OKX and FTX have already received a license from the recently formed Virtual Asset Regulatory Authority (VARA).