coinspress.com
Binance has been granted approval to operate in Dubai following the fulfillment of prerequisites since obtaining an initial license in September 2022, as per the company's recent announcement.
In the past year, Binance acquired a Minimal Viable Product (MVP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This MVP license allowed the company to establish a local bank account to secure clients’ funds, conduct cryptocurrency exchange operations, and provide payment and custody services.
According to a Binance blog post, the transition from the Provisional License obtained in 2022 to an Operational MVP License permits eligible users in Dubai to access authorized services. These services include the secure conversion of virtual assets to fiat in compliance with VARA’s designated standards, aligned with the Financial Action Task Force’s guidelines.
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Dubai’s licensing process consists of four stages, with Binance successfully completing three of them. The remaining stage is the Full Market Product (FMP) license, which is expected to be granted upon demonstrating adherence to all regulatory requirements.
Binance’s success in obtaining the license in Dubai comes amidst its plans to re-enter the Japanese market. The company has also faced challenges in Germany, Austria, Belgium, and the