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Binance, the world’s largest cryptocurrency exchange, has announced that its Dubai branch, Binance FZE, has obtained an Operational Minimum Viable Product (MVP) license from the Virtual Asset Regulation Authority (VARA) in Dubai. This license enables Binance FZE to provide services to institutional and qualified individual investors.
Binance Becomes the First Crypto Exchange to Obtain an Operational MVP License
Binance recently announced that its Dubai branch, Binance FZE, has become the world’s first cryptocurrency exchange to obtain an Operational Minimum Viable Product (MVP) license from the Virtual Asset Regulation Authority (VARA) in Dubai.
The issuance of the Operational MVP license to Binance FZE follows the successful acquisition of a temporary MVP license in March 2022 and a preparatory MVP license in September 2022. With the Operational MVP license, VARA allows Binance to provide cryptocurrency exchange services and cryptocurrency broker-dealer services, limited to corporate and qualified individual investors in Dubai.
In a statement from the cryptocurrency exchange, it was stated, “This significant development demonstrates our commitment to establishing a compliant cryptocurrency exchange within the unique regulatory framework for Virtual Asset Service Providers (VASPs) in collaboration with local regulators.”
Institutions and residents of Dubai who are eligible to use the services provided under the Operational MVP license enter into investor protection and market integrity standards specifically designed for the cryptocurrency sector. They can be assured that any licensed entity meets the conditions set by VARA to provide regulated cryptocurrency services in Dubai.
Richard Teng, Binance’s Regional Markets CEO: We Are Proud
Richard Teng, Binance’s Regional Markets CEO, expressed his pride in being the first cryptocurrency exchange to receive the Operational MVP license from VARA. He stated, “We are proud to be the first cryptocurrency exchange to be granted an Operational Minimum Viable Product License by VARA. After more than a year of assessment, collaboration, and consistent demonstration of responsible entrepreneurship, we can now harness the potential of a progressive regulatory framework. The license allows us to enhance user protection while enabling innovation.”
Teng also mentioned, “As we operate within this regulated ecosystem, we are committed to facilitating a secure and seamless customer transition through robust Know Your Customer (KYC) and Customer Due Diligence processes, as part of the meticulous hiring improvement process envisaged by VARA. Our priority is to operate this first fully regulated cryptocurrency exchange in Dubai and contribute to global scalability with unwavering user confidence in a FATF-compliant ecosystem.”
