Binance Gains MVP License from Dubai’s Virtual Asset Regulator


Binance has strengthened its position in the Middle East with a new Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA), the crypto exchange announced on Tuesday.

The new license came after Dubai’s newly formed digital asset regulator granted a provisional license to the crypto exchange earlier in March.

“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 Binance CEO, Changpeng Zhao.

Now with the MVP license, Binance can offer a range of approved virtual asset-related services to both qualified retail and institutional investors. The exchange can also open a client money account with a domestic bank.

Some of the services it can offer with the license are virtual asset exchange services, crypto-fiat conversions, crypto transfers, custody and management services, along with token offerings. The license will also allow Binance to offer crypto payments and remittance services.

“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,” added Chairman of VARA, Helal Saeed Almarri.

The Crypto Hub in the Middle East

VARA was established last March under the Dubai Virtual Asset Regulation Law, aiming to push Dubai into one of the global crypto hubs. The move was successful as several big crypto brands, including Binance, Crypto.com, and Blockchain.com received a license from the jurisdiction.

Binance received the MVP license when the exchange is changing its operational strategies and secured several regulatory licenses. Apart from Dubai, the exchange is now regulated in Italy, France, and Spain.

“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,” said Binance’s Dubai General Manager, Alexander Chehade. “We look forward to a continued partnership as we build upon our team and operations in Dubai to roll out additional services, including local banking capabilities and enhanced products.”

Binance has strengthened its position in the Middle East with a new Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA), the crypto exchange announced on Tuesday.

The new license came after Dubai’s newly formed digital asset regulator granted a provisional license to the crypto exchange earlier in March.

“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 Binance CEO, Changpeng Zhao.

Now with the MVP license, Binance can offer a range of approved virtual asset-related services to both qualified retail and institutional investors. The exchange can also open a client money account with a domestic bank.

Some of the services it can offer with the license are virtual asset exchange services, crypto-fiat conversions, crypto transfers, custody and management services, along with token offerings. The license will also allow Binance to offer crypto payments and remittance services.

“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,” added Chairman of VARA, Helal Saeed Almarri.

The Crypto Hub in the Middle East

VARA was established last March under the Dubai Virtual Asset Regulation Law, aiming to push Dubai into one of the global crypto hubs. The move was successful as several big crypto brands, including Binance, Crypto.com, and Blockchain.com received a license from the jurisdiction.

Binance received the MVP license when the exchange is changing its operational strategies and secured several regulatory licenses. Apart from Dubai, the exchange is now regulated in Italy, France, and Spain.

“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,” said Binance’s Dubai General Manager, Alexander Chehade. “We look forward to a continued partnership as we build upon our team and operations in Dubai to roll out additional services, including local banking capabilities and enhanced products.”



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