Binance Now First Exchange with Operational MVP License in Dubai
Summary: Binance has obtained the Operational Minimum Viable Product license from Dubai's Virtual Assets This license allows Binance's Dubai affiliate, Binance FZE, to provide virtual asset exchange and broker-dealer services to institutional and accredited retail investors. Much needed relief amid regulatory scrutiny across nations for Binance.
In Dubai, United Arab Emirates, Binance, the biggest cryptocurrency exchange in the world, became the first exchange to get the Operational Minimum Viable Product license. Investors and traders in Dubai’s virtual asset market now have access to the exchange’s regulated fiat on-ramp and off-ramp services, under Virtual Assets Regulatory Authority (VARA).
According to a July 31st release, Binance now has a license from Dubai’s Virtual Assets Regulatory Authority (VARA) to provide virtual asset exchange services.
VARA has given its authorization to the virtual asset exchange and broker-dealer services provided by Binance’s Dubai affiliate, Binance FZE. The cryptocurrency exchange will first cater to institutional and accredited retail investors.
Adhering to Strict Compliance
Both the interim MVP license in March 2022. And the preliminary MVP license in September 2022 were granted to Binance FZE. The first Operational MVP license clearance demonstrates conformance to the local regulatory environment and regulatory framework for VASPs.
Users of Binance will now be able to securely convert virtual assets to fiat currency in accordance with VARA standards and Financial Action Task Force (FATF) regulations thanks to the license.
Binance has cancelled its application for a custody license in Germany. The German license application for the exchange will be revised to comply with the latest rules. The company’s chief executive, Changpeng Zhao, has stressed the need of abiding by European Union Markets in Crypto-Assets (MiCA) regulations. Binance has also left many European Union (EU) countries, including the Netherlands and Austria.
Despite regulatory obstacles and intensive scrutiny in other nations, Binance has finally managed significant approval.