Cryptocurrency Binance has received another license from Dubai’s crypto regulator. Binance can now offer more crypto-related services in Dubai.
Binance’s new license in Dubai
Cryptocurrency Binance announced on Wednesday that it has received a Minimum Viable Product (MVP) license from the Dubai Virtual Asset Regulatory Authority (VARA).
In addition to allowing Binance to “open a client currency account with a local bank,” the announcement also means that the MVP license:
Binance may offer virtual asset-related services to eligible retail and institutional investors in Dubai.
The approved services are crypto exchange services, transfer between cryptocurrencies and fiat currencies, transfer of crypto assets, custody and management, virtual token offering and trading services and payments and remittance services.
Established in March under the Dubai Virtual Asset Regulation Act, VARA is responsible for licensing and regulating the crypto sector in the Emirate of Dubai and its free zone jurisdictions (excluding the DIFC) under UAE law. Binance received a provisional license from VARA in March, allowing the exchange to offer limited crypto services.
Honorable Helal Saeed Almarri, Chairman of VARA, said:
We are pleased to receive Binance’s license to operate in the VARA MVP program.
“VARA Binance is an active contributor, reinforcing Dubai’s commitment to creating the next generation secure ecosystem,” he added.
Binance Founder and CEO Changpeng Zhao (CZ) commented:
At Binance, we embrace globally consistent rules that encourage responsible innovation, protect users and give them choice.
Binance is 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 getting a license to offer more services in Dubai? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
DisclaimerThis article is for informational purposes only. It is not an offer or solicitation to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the Company nor the Author shall be liable, directly or indirectly, for any damages or losses arising out of the use of or reliance on any content, goods or services referred to in this paragraph.