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Binance, one of the world's largest cryptocurrency exchanges, has become the first exchange to obtain an Operational Minimum Viable Product (MVP) license from Dubai's Virtual Asset Regulatory Authority (VARA).
Binance Gets Another License In Dubai
This license allows Binance to offer regulated virtual asset services in Dubai, adhering to VARA's standards of investor protection and market assurance.
With its Operational MVP license in hand, Binance's Dubai subsidiary, Binance FZE, will now be able to offer stock exchange and broker-dealer services in the region and initially serve institutional and qualified retail investors.
This success comes after Binance previously obtained a provisional MVP license in March 2022 and a preparatory MVP license in September 2022, further solidifying the exchange's commitment to operate within Dubai's regulatory framework for Virtual Asset Service Providers (VASPs). .
By obtaining this license, Binance established a strong presence in Dubai's rapidly growing crypto market and reaffirmed its commitment to cooperation with local regulators.
The operational MVP license allows the exchange to operate two licensed operations: virtual asset exchange services and virtual asset broker-dealer services, both limited to institutional and qualified retail investors in the city.
As the crypto world continues to evolve, Binance remains at the forefront by promoting innovation and expanding its services in accordance with the relevant regulations of the countries in which it operates.
The acquisition of the Operational MVP license in Dubai further cements Binance's reputation as a global leader in the cryptocurrency space.
*Not investment advice.