Business News Report
July 31, 2023

Binance Receives Dubai Operational License from VARA

In Brief

The world’s largest cryptocurrency exchange, Binance, has become the first-ever virtual asset exchange to receive an operational Minimum Viable Product license in Dubai.

Binance can now operate virtual asset exchange services in the Emirate. This includes virtual asset exchange services and virtual asset broker-dealer services for institutional and qualified retail investors.

The world’s largest cryptocurrency exchange, Binance, has become the first-ever virtual asset exchange to receive an operational Minimum Viable Product license in Dubai.

Binance Becomes the First Exchange to Receive an Operational MVP License in Dubai

The platform’s subsidiary, Binance FZE, received the Operational MVP license from Dubai’s Virtual Assets Regulatory Authority. So, Binance can now operate virtual asset exchange services in the Emirate. This includes virtual asset exchange services and virtual asset broker-dealer services. Notably, the platform will first only be able to provide broker-dealer services to institutional and qualified retail investors.  

“This landmark development underscores our dedication to building a compliant exchange in partnership with local regulators and within Dubai’s unique regulatory framework for Virtual Asset Service Providers,” wrote Binance in the official announcement

Users who meet the requirements are now able to use regulated virtual asset services in Dubai under the investor protection and market assurance standards of VARA. Notably, VARA-designed standards are compliant with the Intergovernmental Financial Action Task Force of Dubai. 

So, qualified individuals and institutions will have the possibility of safely converting virtual assets into fiat money. The fact that users know they are under investor protection and market assurance standards tailored for the virtual asset sector might increase cryptocurrency adaptability in the Emirate. 

“The last few years have cemented Dubai as a global virtual asset hub, and we are excited to be a witness to that growth as we build on our operations here with a continued commitment to the market and investor security,” said Binance Dubai’s General Manager, Alexander Chehade.

The regulatory journey of Binance in Dubai ushers in a new era in the development of virtual asset services, not only in the UAE but also internationally. A cryptocurrency platform receiving the Operational MVP License from VARA represents a big step in the direction of a future with regulated, secure, and client-focused virtual asset services.

Binance Becomes the First Exchange to Receive an Operational MVP License in Dubai

In June this year, OKX, the second-largest crypto exchange by trading volume, received a Minimal Viable Product preparation license from the Dubai Virtual Assets Regulatory Authority.

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About The Author

Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at [email protected]

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Valeria Goncharenko
Valeria Goncharenko

Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at [email protected]

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