coinedition.com
Binance’s Dubai subsidiary, Binance FZE, has become the first exchange to receive the Operational Minimum Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA).
According to the official statement from the firm, this achievement implies Binance can now offer a range of approved services in Dubai, including exchange and broker-dealer services. Initially, these services were accessible to institutional and qualified retail investors.
The exchange highlighted that the journey to this accomplishment had been arduous, given that it all started with a provisional MVP license in March 2022, followed by a preparatory MVP license in September of the same year.
Now, the Dubai Authority has granted the exchange two operational licenses, giving Binance the green light to engage in virtual asset exchange and broker-dealer services limited to institutional and qualified retail investors in Dubai.
Richard Teng, Binance’s Head of Regional Markets, expressed his gratitude for being the first exchange to receive this operational MVP license. He highlighted the extensive effort put into due diligence, collaboration, and demonstrating responsible intent. In his words:
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.
Similarly, Alexander Chehade, Binance Dubai’s General Manager, expressed excitement over the growth witnessed in Dubai as a global virtual asset hub. He assured users that the operational MVP license guarantees access to a trusted and regulated service that prioritizes security and complies with highly specialized virtual asset regulations under VARA.