Binance wins license to provide crypto broker-dealer services in Dubai

Binance's Dubai-based subsidiary, Binance FZE, has been granted an operational Minimum Viable Product (MVP) license by Dubai's Virtual Asset Regulatory Authority (VARA).

With this license, Binance is now officially authorized to provide cryptocurrency exchange and virtual asset broker-dealer services to institutional and qualified retail investors in Dubai.

To become a user of Binance in Dubai, investors must have the status of a "qualified retail client," meeting certain criteria such as being at least 21 years old and possessing a minimum of 500,000 United Arab Emirates dirhams ($136,000) in net liquid assets, supported by relevant documentary proof.

With this new license, Binance's Dubai entity can offer a range of services, including crypto-to-fiat exchange and conversions, transfer and custody, brokerage, and virtual asset payments and remittance services.

This marks a significant step forward for Binance as it continues to expand its presence in the UAE and strengthen its compliance with local regulations.