Binance Receives License to Offer More Crypto Services in Dubai

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Cryptocurrency Binance has received another license from Dubai’s crypto regulator. Binance can now provide more crypto-related services in Dubai.

Binance’s New License in Dubai

Cryptocurrency Binance announced Wednesday that it has received the Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA).

The announcement details that besides allowing Binance to “open a client money account with a domestic bank,” having an MVP license means:

Binance can offer an approved range of virtual asset-related services to suitably qualified retail and institutional investors in Dubai.

The approved services are crypto exchange services, conversion between cryptocurrencies and fiat currencies, transfer of crypto assets, custody and management, virtual token offering and trading services, and payments and remittance services.

VARA, established in March under the Dubai Virtual Asset Regulation Law, is responsible for licensing and regulating the crypto sector in the Emirate of Dubai and its free zone territories (excluding DIFC) under UAE law. Binance received a provisional license from VARA in March, which allowed the exchange to offer limited crypto services.

His Excellency Helal Saeed Almarri, Chairman of VARA, said:

We are pleased to have Binance licensed to operate within the VARA MVP programme.

“VARA looks forward to Binance being an active contributor, reinforcing Dubai’s commitment towards creating a next-gen secure ecosystem for this future economy,” he added.

Changpeng Zhao (CZ), founder and CEO of Binance, commented:

At Binance we welcome regulations that are globally consistent, enable responsible innovation, protect users, and give them choice.

Binance has been expanding its presence in Europe, with local entities in the MENA region and across Europe in Italy, France, and Spain.

What do you think about Binance receiving a license to offer more services in Dubai? Let us know in the comments section below.

Kevin Helms

Image Credits: Shutterstock, Pixabay, Wiki Commons

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