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Dubai issues an MVP license to Binance

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Joyashree Dey Follow

INDIA

Sep, 23 2022

Sep, 23 2022

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On September 20, the leading global blockchain services provider, Binance announced that it received the Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA), following the issuance of their provisional license in March last year. 


Binance can offer crypto-related services to both institutional and retail investors in the United Arab Emirates (UAE) from now onwards. 


The trade can now offer a range of crypto-related services including conversion, exchange, trading, transfer, payment, management, and remittance to its customers. 


Following the MVA license, Binance can now offer an approved range of crypto-linked services to qualified institutional & retail investors in UAE, a customer base supported by VARA. 


“VARA’s unique operating model is setting a benchmark for the global industry, and this most recent registration is an acknowledgment of our compliance and safety processes in the new regulatory framework,” said Changpeng Zhao (CZ), Binance founder and CEO. 


VARA requires crypto exchanges and clients to enlist with it prior to taking part in crypto-related activities. 


Since the establishment of VARA, it conceded regulatory approval to a number of cryptocurrency exchanges in the UAE. 


Crypto.com and Hex Trust received the provisional Virtual Asset MVP license from VARA on June 3 and 21 respectively. Following that the crypto trading application OKX and a division of the cryptocurrency exchange FTX, FZE provided the same on July 14 & July 29 respectively.  


On September 9, the London-based crypto exchange and wallet Blockchain.com was granted a provisional license as of late. 


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Joyashree Dey

CBW - External Analyst

INDIA

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