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The license allows Binance to offer approved services in Dubai, initially catering to institutional and qualified retail investors.

Dubai’s VARA Paves the Way

Binance FZE, the Dubai subsidiary of Binance, has obtained the first-ever Operational Minimum Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA).

The Operational MVP license permits Binance to provide approved services in Dubai, catering initially to institutional and qualified retail investors. This achievement follows the successful acquisition of a provisional MVP license in March 2022 and a preparatory MVP license in September 2022.

Under the Operational MVP License, Binance is authorized to offer virtual asset exchange and broker-dealer services, specifically targeted at institutional and qualified retail investors in Dubai.

The license underscores Binance’s commitment to operating a fully compliant exchange in collaboration with local regulators, adhering to Dubai’s unique regulatory framework for Virtual Asset Service Providers (VASPs).

With this progression from the Provisional License to an Operational MVP License, eligible users in Dubai can access authorized services, including secure conversion of virtual assets to fiat under VARA-designated standards compliant with the intergovernmental Financial Action Task Force.

This move ensures investor protection and market assurance for institutions and residents utilizing the services provided by the Operational MVP License in Dubai, in accordance with VARA’s requirements for regulated virtual asset services.

Binance believes that the UAE’s strong embrace of blockchain technology has paved the way for a flourishing industry with a focus on security and innovation. The company looks forward to leveraging the Dubai government’s regulatory regime and guidance to drive further growth and explore Web3 opportunities.

The issuance of the Operational MVP License marks a significant milestone in the evolution of virtual asset services globally. Binance’s dedication to collaborative efforts with regulators sets a positive precedent in the rapidly-evolving financial technology landscape.

What is Binance:

Binance is the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users, and features an unmatched portfolio of crypto products and offerings, including: trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more.