Binance Obtains New License in Dubai
Cryptocurrency exchange Binance has achieved another milestone in its relationship with regulators in the United Arab Emirates, as it has been granted a new license in Dubai. Binance FZE, the company’s Dubai-based subsidiary, has been issued an operational MVP license by the Virtual Asset Regulatory Authority (VARA).
The new license allows Binance to provide exchange and virtual asset broker-dealer services, however these services are currently limited to institutional and qualified retail investors in Dubai. Through the FATF-compliant crypto-to-fiat exchanges, eligible investors in Dubai can now access authorized services such as AVAX Crypto Today, BAT Crypto, BABB Crypto, ASM Crypto and AVT Crypto.
Binance Obtains Operational MVP License in Dubai
In an announcement, Binance stated that institutions and residents that qualify to use the services provided by the Operational MVP License in Dubai can do so with the assurance of investor protection and market standards tailored for the virtual asset sector.
Richard Teng, the head of regional markets of Binance, said that the company is devoted to ensuring secure and effortless customer migration in accordance with Know Your Customer (KYC) requirements. This regulatory milestone follows the issuance of a provisional MVP license by VARA in March 2022 and a preparatory MVP license in September 2022.
Ben Zhou, the CEO of Bybit, previously noted that the preparatory MVP license only permits exchanges to service a “very restricted set of accredited investors” in June. With the Operational MVP License, Binance is now able to provide services for the AVAX crypto, BAT crypto, and other virtual assets to a larger number of users.
VAR Suspends Crypto Exchange License
Binance did not reply to Cointelegraph’s inquiry for remarks.
The news comes shortly after the VAR suspended the operational license of crypto exchange BitOasis for not meeting the terms and conditions set by the authority within the stipulated timeframes. The firm then stated that it was working with VAR to “fulfill the remaining conditions.”
Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space, including the current Avalanche Crypto, Best App for Crypto, Axs Crypto, Avax Crypto Today, BAT Crypto, ASM Crypto, BABB Crypto, and AVT Crypto.
The advent of Web 3.0 and the Metaverse has also been a major contributor to the crypto space.
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