Crypto Exchange Binance Secures Operating License in Dubai On Monday, Binance, the world's largest cryptocurrency exchange,
secured the Operational MVP License to operate in Dubai after fulfilling the necessary pre-conditions since obtaining a preparatory license in September 2022.
Last year,
Binance FZE, the Dubai-based subsidiary of Binance, achieved a significant milestone
by obtaining Dubai's Virtual Asset Regulatory Authority (VARA).
This regulatory approval enables
Binance FZE to open a domestic bank account to hold clients' funds locally, operate a crypto exchange, and provide payment
and custody services.
However, with the recent progression
to an Operational MVP License, eligible users in Dubai can now access authorized services,
including safely converting virtual assets to fiat in compliance with VARA-designated standards set by the intergovernmental Financial Action Task Force.
Binance's recently obtained operating license
in Dubai comes with certain limitations. The services provided are currently restricted to institutional
and qualified retail investors in the region, as per Binance's announcement.
