Binance Obtains Dubai License to Offer Regulated Crypto Services to Institutional Investors
Binance, the world’s largest cryptocurrency exchange, has obtained a license from Dubai’s Virtual Assets Regulatory Authority (VARA) to operate as a regulated platform.
This Operational Minimum Viable Product (MVP) license allows Binance FZE, its Dubai subsidiary, to offer exchange and broker-dealer services for virtual assets. Initially, the services will be available to institutional and qualified retail investors. Binance sees this achievement as a significant milestone in its commitment to building a compliant exchange in collaboration with local regulators.
The license upgrade follows previous provisional MVP licenses granted in March and September of 2022. With this approval, eligible users in Dubai can access authorized services, including crypto-fiat conversion, adhering to the Financial Action Task Force (FATF) recommendations. Amidst increased regulatory pressure in various jurisdictions, the authorization in Dubai is a significant development for Binance.
Clever Robot News Desk 3rd August 2023