Leading crypto exchange Binance was granted a Minimal Viable Product (MVP) license all the way from Dubai’s Virtual Asset Regulatory Authority or VARA for short. This will greatly tighten the firm’s Middle East hold into the local crypto market.
The license allows Binance to offer crypto assets and services to both retail and institutional traders in Dubai, and it can henceforth open bank accounts with Dubai’s domestic banks. In addition to these, the exchange can also offer crypto transfers, token offers, exchange services, crypto to fiat conversions, management services, and crypto payments.
CEO of Binance Changpeng Zhao commented that the Virtual Asset Regulatory Authority is on its way to set a “benchmark for the global industry“, and his company’s new license, he considers to be, an “acknowledgement of our compliance and safety processes in the new regulatory framework”.
Binance received a provisional license by the regulator earlier this year in March. But now with this license, it’s official. Aside from Dubai, Binance is also regulated in France, Spain, and Italy.
Dubai’s Virtual Asset Regulatory Authority was created by the Dubai Virtual Asset Regulation Law earlier with a clear goal in mind to make Dubai a global crypto center. The move is paying off considering that Binance is currently under its umbrella, while other like Blockchain.com and Crypto.com have also received the regulatory approval.