Binance Get MVP License To Operate In Dubai

Crypto exchange Binance received a Minimum Viable Product (MVP) license. (photo: Twitter @binance)

JAKARTA - Crypto exchange Binance received a Minimum Viable Product (MVP) license from the Dubai Virtual Asset Regulatory Authority (VARA), allowing crypto exchanges to offer various virtual asset services to eligible retail and institutional investors, the company revealed on Tuesday, September 20.

The development follows the issuance of a temporary license granted in March, which allows companies to set up offices in the United Arab Emirates and provides digital asset exchange services to eligible investors and financial companies.

With the new permission, Binance will be able to offer a variety of virtual asset-related services to eligible retail and institutional investors under the legislative framework for virtual asset service providers (ASP).

It will also allow companies to access local banking channels and provide open money accounts, convert of virtual-fiat currencies, asset transfers, storage and management, as well as token and trading services offerings.

"We firmly believe there is a significant opportunity to work with our industrial counterparts to develop consistent implementation standards around the world, as we have done in Dubai," said Changpeng Zhao (CZ), founder and CEO of Binance, quoted by Cointelegraph.

Binance's actions show that it intends to further expand its presence in the Middle East. In March, the exchange obtained a license to operate in Bahrain, offering crypto services, including storage, trading, and portfolio management.

Founded in March 2022, VARA Dubai is responsible for licensing and regulating virtual asset providers in its free zone and area. Local authorities also gave temporary licenses to CryptoCom, and approval for regional headquarters for FTX.