Binance to Secure MVP License from Dubai’s Virtual Asset Regulatory Authority
In a significant development for the cryptocurrency industry, Binance, the leading digital currency exchange, has made history by becoming the first exchange to be granted the Operational Minimum Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA).
Under this license, Binance FZE, the company’s Dubai-based subsidiary, gains the exclusive privilege of providing a range of approved services in Dubai, including exchange and broker-dealer services. Initially, these services will cater to institutional and qualified retail investors.
The license holds momentous implications for the cryptocurrency community in Dubai, as eligible users can now access authorized services, including secure conversion of virtual assets to fiat, adhering to the strict standards outlined by VARA, in alignment with the Financial Action Task Force’s intergovernmental guidelines.