Cryptocurrency Binance has received another license from Dubai’s crypto regulator. Binance will now be able to offer more services related to crypto in Dubai.
Binance’s New License in Dubai
Cryptocurrency Binance announced Wednesday that it has received the Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA).
The announcement details that besides allowing Binance to “open a client money account with a domestic bank,” having an MVP license means:
Binance is able to offer a selection of services related to virtual assets for eligible retail or institutional investors in Dubai.
Crypto exchange services, the conversion of cryptocurrencies to fiat currencies and transfer crypto assets are all approved. Custody and management, virtual trading and token offering, payments and withdrawal services are also included.
VARA was established under the Dubai Virtual Asset Regulation Law in March. It is responsible for licensing the cryptocurrency sector within the Emirate and free zones territories. VARA granted Binance a provisional license in March which enabled it to provide limited crypto services.
His Excellency Helal Saeed Almarri Chairman of VARA stated:
Binance has been granted a license to work within the VARA MVP program.
“VARA looks forward to Binance being an active contributor, reinforcing Dubai’s commitment towards creating a next-gen secure ecosystem for this future economy,” he added.
Changpeng Zhao CZ (founder and CEO of Binance) commented:
Binance welcomes regulations that allow responsible innovation and protect users.
Binance expanded its presence in Europe with the help of local entities throughout Europe (Italy, France and Spain).
Do you have any thoughts about Binance being granted a licence to provide more services in Dubai Please comment below.
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