Crypto exchange Binance has received a Minimum Viable Product (MVP) license from the Dubai Virtual Assets Regulatory Authority (VARA), allowing the crypto exchange to offer a range of virtual asset services to investors qualified individuals and institutions, the company disclosed tuesday.
The development follows the issuance of the provisional license granted in Marchwhich enabled the company to establish an office in the United Arab Emirates and provide digital asset trading services to pre-qualified investors and financial firms.
With this new authorization, Binance will be able to offer a range of virtual asset-related services to qualified retail and institutional investors under the Virtual Asset Service Provider (aka VASP) legislative framework.
It will also allow the company to access local banking channels and provide open currency accounts, virtual fiat currency conversions, asset transfers, custody and management, as well as offering and token trading.
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 did in Dubai.”
Binance’s actions suggest that it intends to further expand its presence in the Middle East. In March, the exchange obtained a license to operate in Bahrainoffering crypto services including custody, trading and portfolio management.
Established in March 2022, VARA Dubai is responsible for licensing and regulating virtual asset providers in the emirate and its free zone territories. Local authorities also granted a provisional license to CryptoCom, and approval of a regional headquarters for FTX.