Binance Earns its Operational License from VARA for Dubai.
In Brief
Binance, recognized as the world's foremost crypto exchange, has now achieved the remarkable milestone of becoming the first virtual asset exchange to receive a Minimum Viable Product operational license in Dubai.
This new license allows Binance to offer virtual asset exchange services within the Emirate, including services specifically designed for both institutional players and eligible retail investors. Binance is Now the First Exchange to Obtain an Operational MVP License in Dubai.
Binance, recognized as the world's foremost crypto exchange, has now achieved the remarkable milestone of becoming the first virtual asset exchange to receive a Minimum Viable Product operational license in Dubai.
"This pivotal moment highlights our commitment to developing a compliant exchange in collaboration with local regulators and adhering to Dubai’s distinct regulatory framework for Virtual Asset Service Providers,\" stated Binance in an official communication.
Qualified users can now access regulated virtual asset services in Dubai, benefiting from the investor protection standards and market assurances set forth by VARA. Significantly, these standards conform to the guidelines established by the Intergovernmental Financial Action Task Force. announcement .
This means that eligible individuals and institutions will have a secure avenue for converting their virtual assets into traditional fiat currency. Such a structured approach is likely to enhance confidence in cryptocurrencies in the Emirate, knowing they are safeguarded by VARA's investor protection measures.
"The recent years have solidified Dubai's position as a central hub for virtual assets globally, and we are thrilled to be part of that evolution, reinforcing our commitment to market integrity and investor safety here,\" remarked Alexander Chehade, General Manager of Binance Dubai.
Binance's regulatory progress in Dubai marks a significant milestone for the future development of virtual asset services, not only within the UAE but also on a global scale. The granting of the Operational MVP License by VARA signifies a crucial advancement toward a future characterized by regulated, secure, and client-centric virtual asset offerings.
Earlier this June, OKX, recognized as the second-largest cryptocurrency exchange by trading volume, secured a Minimal Viable Product preparation license from Dubai's Virtual Assets Regulatory Authority.
Dubai's virtual assets regulator has established its headquarters in the Metaverse.
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Disclaimer
In line with the Trust Project guidelines Valeria, a reporter for Metaverse Post, specializes in subjects such as fundraising, artificial intelligence, the metaverse, digital fashion, NFTs, and various web3 topics.
