Binance Receives License to Provide Additional Crypto Services in Dubai – Bitcoin News Exchange

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.

Kevin Helms

Kevin, an Austrian economics student, discovered Bitcoin in 2011 and has been an evangelist ever since. His interests are in Bitcoin security, open source systems, network effects and the intersection between economics and cryptography.

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