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Major cryptocurrency exchange Binance has reached another milestone in relationships with regulators in the United Arab Emirates by winning a new license in Dubai.<\/p>\n
Binance\u2019s Dubai-based subsidiary, Binance FZE, has obtained the Operational Minimum Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA), the firm announced<\/a> on July 31.<\/p>\n The new license officially allows Binance to operate two activities, including cryptocurrency exchange services and virtual asset broker-dealer services.<\/p>\n The services enabled by the license are currently limited to institutional and qualified retail investors in Dubai, Binance noted. Eligible investors in Dubai will now be able to access authorized services like crypto-to-fiat exchange compliant with the intergovernmental Financial Action Task Force (FATF).<\/p>\n \u201cInstitutions and residents that qualify to use the services provided by the Operational MVP License in Dubai can do so knowing they\u2019re under investor protection and market assurance standards tailored specifically for the virtual asset sector,\u201d Binance said in the announcement.<\/p>\n Operating within Dubai\u2019s regulated ecosystem, Binance is committed to ensuring secure and seamless customer migration in compliance with Know-Your-Customer requirements, Binance\u2019s head of regional markets Richard Teng said. He added: <\/p>\n \u201cOur priority is to be able to operate this first fully regulated exchange in, and from Dubai, in a FATF-compliant ecosystem, setting the stage for global scalability with uncompromised user assurance.\u201d<\/p><\/blockquote>\n Binance\u2019s latest regulatory milestone builds upon the progression from the provisional MVP license, issued<\/a> by VARA in March 2022. Binance also obtained a preparatory MVP license<\/a> in September 2022.<\/p>\n Related: <\/em><\/strong>UAE emerges as a pro-Bitcoin mining destination in the Middle East<\/em><\/strong><\/a><\/p>\n Some crypto exchanges previously reported that the preparatory MVP license offers limited capabilities<\/a>. The license only allows exchanges to service a \u201cvery restricted set of accredited investors,\u201d Bybit CEO Ben Zhou told Cointelegraph in June.<\/p>\n Binance did not immediately respond to Cointelegraph\u2019s request for comment.<\/p>\n The news comes soon after VARA in mid-July suspended the operational license of crypto exchanger BitOasis<\/a> for not meeting mandated conditions within the timeframes set out by the authority. The firm subsequently said it was working with VARA on \u201cfulfilling the remaining conditions.\u201d<\/p>\n Magazine: <\/em><\/strong>Hall of Flame: Wolf Of All Streets worries about a world where Bitcoin hits $1M<\/em><\/strong><\/a><\/p>\n<\/div>\n