October 1, 2022

Crypto exchange Binance has received a Minimum Viable Product (MVP) license from the Virtual Asset Regulatory Authority (VARA) of Dubai, allowing the crypto exchange to offer a range of virtual asset services to qualified retail and institutional investors, companies discovered on Tuesday.

The development follows the issuance of a provisional license issued in March, which allowed the company to open an office in the United Arab Emirates and provide digital asset exchange services to pre-qualified investors and financial firms.

With the new license, Binance will be able to offer a range of virtual asset services to qualified retail and institutional investors under the Virtual Asset Service Provider (aka VASP) legislative framework.

It will also enable the company to access local banking channels and provide open cash accounts, virtual currency to fiat conversions, asset transfers, custody and management, as well as token offerings and trading services.

Changpeng Zhao (CZ), founder and CEO of Binance, commented in a statement:

“We strongly believe there is a significant opportunity to work with our industry peers to develop consistent implementation standards around the world, as we have done in Dubai.”

Binance’s actions suggest it intends to further expand its presence in the Middle East. In March, the exchange received a license to operate in Bahrain, offering crypto services including custody, trading and portfolio management.

Established in March 2022, VARA in Dubai is responsible for the licensing and regulation of virtual asset providers in the emirate and its free zone territories. The local authorities also granted a provisional license to CryptoCom and regional headquarters approval for FTX.