Binance has been approved by the Dubai government to operate as a virtual asset exchange
Today, the biggest cryptocurrency exchange in the world announced that it has received a licence in Dubai allowing it to provide crypto services to institutional and qualified individual investors.
Binance, the biggest cryptocurrency exchange in the world, said today that it has received a licence to provide virtual asset exchange services in Dubai under the terms of the Operational Minimum Viable Product.
Binance announced in a statement that its Dubai branch, Binance FZE, now has permission from the local authorities to provide its services to institutional and qualified retail investors in the UAE.
This comes after Binance successfully applied for and received a temporary MVP licence in March 2022 and a permanent MVP licence in September 2022. “Users who qualify in Dubai may use approved services with the confidence that they are protected by and adhere to market assurance and investor protection standards developed specifically for the virtual asset sector,” according to the exchange.
Binance’s regional market leader Richard Teng stated in a statement, “We are honoured to be the first exchange to be given an operating Minimum Viable Product Licence by VARA. Our first aim is to launch the world’s first fully regulated exchange in Dubai, inside a FATF-compliant environment, laying the groundwork for future expansion throughout the world without compromising security for end users.”
Binance is under increasing scrutiny from regulators in other markets across the world, despite having recently obtained licences in Dubai and a number of other countries. The exchange said last week that it had decided not to pursue a licence from Germany’s financial watchdog, BaFin.
According to Bloomberg, Australian officials raided Binance’s headquarters in early July as part of an ongoing investigation into the cryptocurrency exchange.