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Binance has announced that it has received the Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA). In March 2022 the company secured a provisional license from VARA.
The transition to an MVP License from a Provisional License means Binance can open a client money account with a domestic bank and provide a wide range of services to qualified customers, including virtual asset exchange services, conversion between virtual assets and fiat currencies, transfer of virtual assets, custody and management of virtual assets, virtual token offering and trading services and virtual assets payments and remittance services
These services, however, will be available only qualified retail and institutional investors, according to VARA rules. Starting from today, Binance's clients will benefit from increased levels of consumer protection by trading on a regulated platform under the supervision of VARA.
His Excellency Helal Saeed Almarri, Chairman of VARA said:
The MVP Phase is designed for select global players across the value chain, that are committed to responsible industry participation and VARA looks forward to Binance being an active contributor, reinforcing Dubai’s commitment towards creating a next-gen secure ecosystem for this future economy.
In his turn, Changpeng Zhao (CZ), founder and CEO of Binance, noted that Binance welcomes regulation and VARA’s operating model is setting a benchmark for the global industry.
This license is a major milestone that follows a number of registrations for Binance’s local entities in the MENA region and across Europe in Italy, France and Spain.
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