Binance Receives License to Offer More Crypto Services in Dubai

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The cryptocurrency Binance has received another license from the crypto regulator of Dubai. Binance can now offer more crypto-related services in Dubai.

Binance’s new license in Dubai

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Cryptocurrency Binance announced on Wednesday that it has received a Minimum Viable Product (MVP) license from the Virtual Asset Regulatory Authority (VARA) of Dubai.

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

Binance can offer an accepted range of services related to virtual assets to suitably qualified retail and institutional investors in Dubai.

Accepted services are crypto exchange services, conversion between cryptocurrency and fiat currencies, transfer, custody and management of crypto assets, virtual token offering and trading services, and payment and remittance services.

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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 areas (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 Halal Saeed Almarri, President of VARA, said:

We are pleased that Binance has been granted a license to operate under the VARA MVP program.

“VARA looks forward to being an active contributor to this future economy, reinforcing Dubai’s commitment to building the next generation of secure ecosystems,” he added.

Binance founder and CEO Changpeng Zhao (CZ) commented:

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

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

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

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