Binance received provisional approval to upgrade to MVP status earlier.
Dubai’s Virtual Asset Regulatory Authority (VARA) has granted Binance an MVP license following their provisional licence issuance back in March. As one of the world’s leading cryptocurrency exchanges, Binance now plans on offering virtual asset-related services under VASP framework in Dubai for qualified retail and institutional investors.
Early customers can provide feedback on future product development using a minimum viable product (MVP).
According to its statement, Binance will serve as a bridge between local banking channels recently unlocked by an innovative regulatory license and VARA clientele in Dubai – giving users access to enhanced consumer protection benefits.
Upgrade From Provisional
Binance’s recent announcement that they received an MVP licence allows the crypto exchange to open a client money account with any domestic bank in Dubai and provide virtual asset services such as exchange services, conversion services, custody management services and virtual token offerings/trading as well as payments/remittances to qualified customers.
“VARA has awarded Binance with a license through their MVP Phase,” announced Helal Saeed Almarri, Chairman of VARA. The MVP Phase is designed for global companies across all value chains who are committed to responsible industry participation.
VARA was formed as the first virtual asset regulator in Dubai in March and strives to develop an in-depth legal framework and international standards that protect investors while encouraging responsible business expansion.
Binance, the leading global cryptocurrency exchange, announced today that its Luxembourg subsidiary has become the first crypto exchange to receive regulation by Luxembourg Financial Market Authority (FMA). “This achievement marks an important step, as numerous Binance local entities were registered across Europe and in particular Italy, France and Spain,” according to the company. Binance welcomes global regulations that support responsible innovation, protect consumers and give them choice. Binance’s compliance and safety procedures were recognised under VARA’s operating model benchmark for global innovation,” stated Changpeng Zhao (CZ), founder and CEO of Binance.