Binance Receives License to Offer More Digital Asset Services in Dubai

Binance Receives License to Offer More Digital Asset Services in Dubai

 

Crypto Exchange platform Binance has received another license from Dubai’s cryptocurrency regulator. Binance Exchange can now provide more cryptocurrency-related services in Dubai.

 

Binance Exchange announced on Wednesday that it has received the Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA).

 

The announcement explains that besides allowing Binance Exchange to “open a client money account with a domestic bank,” having an MVP license can enable:

 

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Binance Exchange can offer an approved range of digital asset-related services to suitably qualified retail and institutional investors in Dubai.

 

The approved services are Digital Currency Exchange services, conversion between cryptocurrencies and fiat currencies, transfer of cryptocurrency assets, custody and management, virtual token offering and trading services, and payments and remittance services.

 

 

VARA, established in March under the Dubai Virtual Asset Regulation Law, is in charge for licensing and regulating the digital currency sector in the Emirates of Dubai and its free zone territories (excluding DIFC) under UAE law and regulations. Binance Exchange received a provisional license from VARA in March, which allowed the exchange to offer limited digital currency services.

 

Chairman of VARA, his Excellency Helal Saeed Almarri, said:

 

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We are pleased to have Binance exchange licensed to operate within the VARA MVP programme.

 

“VARA looks forward to Binance exchange being an active contributor, reinforcing Dubai is commitment towards creating a next-gen secure ecosystem for this future digital asset economy,” he added.

 

Changpeng Zhao (CZ), Binance Exchange founder and CEO, commented:

 

At Binance Exchange we welcome regulations that are globally consistent, enable responsible innovation, protect users, and give them choice.

 

Binance Exchange has been expanding its reach in Europe, with local entities in the Middle East and North Africa region (MENA) region and across Europe in Italy, France, and Spain.