Binance Obtains Operational MVP License in Dubai: A Landmark Achievement

Jul 31, 2023 7:42 AM

Binance, Blockchain, Crypto, Crypto Regulations, Financial, Web3

Binance Obtains Operational MVP License in Dubai

Binance, the leading cryptocurrency exchange, has obtained the Operational Minimum Viable Product (MVP) license in Dubai. This achievement was made possible through Binance FZE, the company’s subsidiary, and it is the first exchange to receive this endorsement from Dubai’s Virtual Asset Regulatory Authority (VARA).

Key Points:

The Operational MVP license allows Binance to provide virtual asset exchange and broker-dealer services in Dubai.
These services are currently limited to institutional and qualified retail investors.
Binance has worked closely with local regulators to ensure compliance with Dubai’s framework for Virtual Asset Service Providers (VASPs).
The license enables eligible users in Dubai to convert virtual assets to fiat currency, following VARA’s guidelines and complying with the Financial Action Task Force requirements.
Binance prioritizes customer assurance and protection, implementing rigorous Know-Your-Customer and Customer-Due-Diligence practices.

Dubai’s Progressive Regulatory Tactics

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This milestone not only establishes Binance as the first regulated exchange in Dubai but also fulfills compliance requirements set by the Financial Action Task Force. The United Arab Emirates has been at the forefront of endorsing blockchain technology, creating an industry that values both security and innovation. Binance is excited to further explore Web3 possibilities and collaborate with the Dubai government’s progressive regulatory approach.