August 1, 2023

Dubai Regulatory Grants Binance MVP License To Offer Crypto Services

Binance Dubai

Binance Dubai

The leading cryptocurrency exchange Binance announced it became the first crypto exchange in the world that obtained the Operational Minimum Viable Product (MVP) license from Dubai’s Virtual Assets Regulatory Authority (VARA).

According to a press release by Binance, the MVP license will allow Binance to provide crypto-related services, approved by the emirate, including exchange and broker-dealer services — initially to institutional and qualified retail investors. Binance was permitted by VARA to conduct virtual asset exchange and virtual asset broker-dealer services in Dubai. These services are only available to institutional and qualified retail investors.

Binance‘s securing of the MVP license came after it had successfully secured the provisional MVP license in March 2022 and a preparatory MVP license in September 2022.

“This landmark development underscores our dedication to building a compliant exchange in partnership with local regulators and within Dubai’s unique regulatory framework for Virtual Asset Service Providers (VASPs),” Binance said.

In this regard, Head of Regional Markets at Binance Richard Teng noted: “Our priority is to be able to operate this first fully regulated exchange in, and from Dubai, in a FATF-compliant ecosystem, setting the stage for global scalability with uncompromised user assurance.”

Meanwhile, Binance Dubai’s General Manager Alexander Chehade pointed out that Dubai positioned itself as a global crypto hub over the past few years, expressing his excitement about growing his company’s operations in Dubai.

Cointelegraph clarified to invest in Binance Dubai, an individual must have the designation of a “qualified retail client.” Those who are eligible must be at least 21 years old and able to provide evidence of having 500,000 United Arab Emirates dirhams ($136,000) in net liquid assets. This evidence can be in the form of bank statements and proof of funds.

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