Dubai, UAE–Binance, the leading global blockchain services provider, said Tuesday it has received the Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA), allowing it to offer virtual assets services.
Binance was issued the provisional license in March 2022. The transition to an MVP License from a provisional license means Binance can open a client money account with a domestic bank and benefit from new services.
It can offer services to qualified retail and institutional investors in Dubai within its internationally benchmarked legislative framework for virtual asset service providers (VASPs).
Users will benefit from increased levels of consumer protection by trading on a regulated platform under the supervision of VARA in Dubai, media reports said.
Helal Saeed Almarri, Chairman of VARA, said, “The MVP Phase is designed for select global players across the value chain, that are committed to responsible industry participation, and VARA looks forward to Binance being an active contributor, reinforcing Dubai’s commitment towards creating a next-gen secure ecosystem for this future economy.”
Founder and CEO Changpeng Zhao said VARA’s “unique operating model is setting a benchmark for the global industry, and this most recent registration is an acknowledgement of our compliance and safety processes in the new regulatory framework”.
