- Binance will now be able to offer exchange and broker-dealer services to investors.
- The exchange received preliminary approval in September 2022.
- The company is the first to receive an MVP operating license in Dubai.
The Dubai-based subsidiary of cryptocurrency exchange Binance (Binance FZE) has received a minimum viable product (MVP) license from the local Virtual Asset Regulatory Authority (VARA).
The operating license allows the company to provide VARA-approved services in Dubai, including exchange and broker-dealer services aimed at institutional and retail investors.
The move from the temporary authorization, which was granted in September 2022, means users in Dubai will have access to authorized services, including the ability to convert virtual assets into fiat according to standards developed by VARA.
Binance Dubai CEO Alexandre Chehadeh said:
“With the MVP license, all users of the platform can expect access to a trusted and regulated service that prioritizes security as well as adherence to highly specialized Tier 1 virtual asset regulations under VARA”.
Dubai has a licensing process that consists of four steps. Binance has already successfully passed three of them. It remains to obtain a Full Market Product (FMP) license, which is expected after demonstrating compliance with all requirements and regulations.
Reminder, Binance previously withdrew its application for a license in Germany.