top of page

Binance Makes History with Dubai's Operational MVP License!

- Key Points

- Pioneering New Frontiers

- Safe & Compliant Solutions

- Future Outlooks

- Final Thoughts






Key Points

World's First: Binance Obtains Operational MVP License from VARA in Dubai!


Qualified users can now access regulated virtual asset services, reflecting Binance's dedication to compliance and partnership with local regulators.


Exciting News: Binance FZE Becomes First Exchange to Secure Operational MVP License from VARA in Dubai!


With this milestone achievement, Binance is authorized to provide approved services in Dubai, catering to institutional and qualified retail investors.


Pioneering New Frontiers

Binance's acquisition of the operational MVP license is the culmination of receiving previous provisional MVP and preparatory MVP licenses. With this license, we are now authorized to offer virtual asset exchange and virtual asset broker-dealer services to institutional and qualified retail investors in Dubai. This achievement reflects our commitment to developing a fully compliant exchange in collaboration with local regulators and in adherence to Dubai's distinctive regulatory framework for Virtual Asset Service Providers (VASPs).


Safe and Compliant Solutions

The transition from the Provisional License, granted in 2022, to the Operational MVP License signifies a significant milestone for eligible users in Dubai. Now, they can access authorized services, including the safe conversion of virtual assets to fiat, following VARA's standards compliant with the Financial Action Task Force.


Institutions and residents qualifying to use the services under the Operational MVP License can trust that they are operating within a regulated framework tailored for the virtual asset sector, ensuring investor protection and market assurance as mandated by VARA.


Richard Teng, Head of Regional Markets at Binance, expressed his appreciation: "We are proud to be the first exchange to receive VARA's operational Minimum Viable Product License, which reflects our commitment to responsible practices. This license empowers us to leverage a progressive regulatory environment, fostering innovation while prioritizing user protection.


Operating within this regulated ecosystem, we focus on secure and seamless customer migration, adhering to rigorous Know-Your-Customer and Customer-Due-Diligence processes as stipulated by VARA. Our ultimate goal is to operate the first fully regulated exchange in, and from Dubai, within a FATF-compliant ecosystem, laying the groundwork for global scalability with unwavering user assurance."


Future Outlook

The UAE's enthusiastic adoption of blockchain technology has nurtured a thriving industry with a strong focus on security and innovation.


We believe that the UAE's forward-looking approach will serve as a blueprint for the global blockchain industry. Being a part of VARA's virtual asset ecosystem and leading within its regulatory framework fills us with pride.


As Binance Dubai's General Manager, Alexander Chehade, highlighted, "Dubai has emerged as a global virtual asset hub, and we are thrilled to witness this growth as we further expand our operations here. Our commitment remains steadfast in ensuring market and investor security."


With the operational MVP license in place, users can expect access to a trusted and regulated service, prioritizing security while complying with top-tier virtual asset regulations under VARA. This milestone brings us closer to providing more users with our services, and we're eager to continue advancing in this space.


Final Thoughts

Binance's regulatory milestone in Dubai marks a groundbreaking moment in the evolution of virtual asset services, not just in the UAE but globally. VARA's issuance of the Operational MVP License to Binance represents a significant step towards a future of regulated, secure, and customer-centric virtual asset services.


Securing this license showcases Binance's commitment to collaborative efforts with regulators, setting a positive precedent for the rapidly-evolving financial technology landscape.


As we continue exploring this space, we eagerly anticipate the enhanced security, innovation, and scalability that this landmark development brings, benefiting institutions, retail investors, and the global virtual asset community.


Reference

Binance is the first virtual asset exchange to receive an operational MVP license in Dubai (no date) Binance Blog. Available at: https://www.binance.com/en/blog/ecosystem/binance-is-the-first-virtual-asset-exchange-to-receive-an-operational-mvp-license-in-dubai-7342057061995039467 (Accessed: 01 August 2023).



7 views0 comments

Recent Posts

See All

Comments

Rated 0 out of 5 stars.
No ratings yet

Add a rating
bottom of page