The world’s largest crypto exchange Binance on Tuesday said it has received the Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA). The license enables the crypto exchange to open a client money account with a domestic bank and offer extended services, including virtual asset exchange services, custody and management of virtual assets, and virtual token offering and trading services.
Binance Obtains Minimum Viable Product License in Dubai
Binance, in an official announcement on September 20, revealed the crypto exchange has received the Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA). In fact, Binance received a Provisional License in Dubai in March. Thus, Binance has become the second crypto exchange after FTX to receive the MVP license.
The MVP license allows Binance to offer virtual asset-related services to qualified retail and institutional investors in Dubai. The crypto exchange promises compliance with strong investor and market protection principles while improving consumer protection. Also, the exchange will only offer services to clientele approved by the VARA.
Binance can now open a custody account with a domestic bank and provides an extended range of services. These include crypto exchange services, virtual assets-fiat conversion, transfer of virtual assets, virtual asset custody and management, virtual token offering and trading, and virtual assets payments and remittance.
Helal Saeed Almarri, Chairman of VARA, believes Binance is an active contributor to the crypto space and will commit to growing the crypto ecosystem in Dubai.
“We are pleased to have Binance licensed to operate within the VARA MVP Programme. The VARA regime aims to strike an effective balance between value creation and risk mitigation, enabling open market innovation while assuring protection for the economically vulnerable.”
Binance CEO “CZ” asserts the VARA MVP Programme suits best for the crypto exchange. It indicates Binance’s commitment to compliance and safety processes in regulatory frameworks. Moreover, Binance has always welcomed regulations that enable responsible innovation, protect users, and are globally consistent.
Binance’s Mission to Lead Next Crypto and Blockchain Adoption
Crypto exchange Binance continues to expand globally with new offices and partnerships. Its mission is to lead the next wave of crypto and blockchain adoption.
Recently, Binance has received regulatory approval in several countries, including Bahrain, Italy, France, and Spain. Also, Binance CEO “CZ” is visiting various countries to strengthen Binance’s reach and expand its products.