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The issuance of the MVP operating license was a natural extension of Binance’s previous efforts – the exchange received a provisional license in March 2022 and VARA issued a permanent MVP license in September.
The MVP operating license in Dubai allows Binance to conduct virtual asset exchange and virtual asset broker-dealer activities. Only institutional and qualified retail investors can become clients of the platform. But now users of the site will be able to officially and securely convert cryptocurrencies into fiat funds, with all transactions being FATF compliant. In addition, all user funds will be protected by law.
“We are honored to be the first cryptocurrency exchange to receive a minimum viable product (MVP) operating license from VARA. This was the result of more than a year of due diligence, cooperation and demonstrating our responsible attitude. We can now harness the full potential of the progressive regulatory framework in Dubai, allowing for innovation and enhanced user protection. We will ensure a secure and seamless migration of users, taking into account KYC and AML requirements,” emphasized Binance’s head of regional markets, Richard Teng.
Binance Dubai has become a global center for virtual assets and the exchange is excited to grow its operations in the jurisdiction, according to Alexander Chehade, manager of Binance Dubai.
Earlier it was reported that Binance management may choose the UAE as its center of operations.