- Binance has announced that it has obtained a license to operate in Dubai, fulfilling the prerequisites since obtaining the preparatory license in September last year.
- Last year, Binance acquired the Minimum Viable Product (MVP) license from the Virtual Assets Regulatory Authority (VARA) in Dubai.
- Dubai follows a four-stage licensing process, and Binance has successfully passed three of these stages.
As the world’s largest cryptocurrency exchange, Binance has met the requirements to operate in Dubai and has successfully obtained the license.
Binance Is Ready to Operate in Dubai
Binance, the world’s largest cryptocurrency exchange, announced in the early hours today that it has obtained a license to operate in Dubai, fulfilling the prerequisites since obtaining the preparatory license in September last year.
JUST IN: #Binance has been licensed to operate in Dubai 🇦🇪 pic.twitter.com/kV3uS4a9xL
— CO NEWS (@coinotagen) July 31, 2023
In the previous year, Binance acquired the Minimum Viable Product (MVP) license from the Virtual Assets Regulatory Authority (VARA) in Dubai, enabling it to open a local bank account to hold local customers’ funds, run a cryptocurrency exchange, and offer payment and custody services.
In a blog post, Binance stated:
“The transition from the Temporary License granted in 2022 to the Operational MVP License means that eligible users in Dubai can now access legal services in accordance with VARA’s defined standards, including the ability to securely convert virtual assets to fiat currencies.”
Dubai follows a four-stage licensing process, and Binance has successfully passed three of these stages, with full compliance expected for the Full Market Product (FMP) license.
Binance’s regulatory journey in Dubai is not only groundbreaking in the UAE but also globally, as it paves the way for the evolution of virtual asset services. VARA granting Binance the Operational MVP License represents a significant step towards regulated, secure, and customer-centric virtual asset services in the future.
Binance’s success in obtaining this latest license is a testament to its commitment to working hand in hand with regulators and sets a precedent for positive cooperation in this rapidly evolving financial technology landscape.
Next on the Agenda: Japan
Binance obtaining this license in Dubai comes at a time when it is facing challenges in re-entering Japan and is encountering obstacles in Germany, Austria, Belgium, and the Netherlands. Binance’s U.S. arm has also been accused of operating an unregistered exchange by regulators.
Binance announced in July 24 that it will launch its cryptocurrency exchange in Japan in August. Previously, the exchange had acquired the Japan-based and JFSA-registered cryptocurrency exchange Sakura Exchange BitCoin in November 2022.
