Binance Secures MVP License from Dubai Regulator VARA

The largest cryptocurrency exchange and world-leading blockchain service provider Binance announced that it secured a Minimal Viable Product (MVP) from the Dubai regulator, Virtual Asset Regulatory Authority (VARA).

Interestingly, this MVP license follows a provisional approval that the exchange received from the same entity in March after a series of requests from the Dubai World Trade Centre. The previous license granted Binance the permission to offer a limited range of virtual digital assets products and services to qualified investors in Dubai.

Notably, this is the first-of-its-kind regulatory license for Binance and in this territory. Since Binance now wields the MVP license, it can now offer citizens and residents of the United Arab Emirates territory a larger range of virtual assets-related services.

Qualified retail and institutional investors in Dubai can now enjoy Binance’s service within “its internationally benchmarked legislative framework for virtual asset service providers (VASPs).”

Also, with this transition from a provisional license to an MVP license, Binance can open a client money account in a domestic bank to hold the funds of its investors locally, precisely, those approved by the Dubai regulator.

Amongst the range of services that Binance will provide to qualified investors and institutional clients are virtual asset exchange services, conversion between virtual assets and fiat currencies, transfer of virtual assets, custody and the management of virtual assets, virtual token offering and trading services, and virtual assets payments and remittance services.

Binance Offers Dubai Clients Consumer Protection

On the part of the users, they stand to gain consumer protection while trading on a regulated platform like Binance under the regulation of VARA in Dubai.

The Chairman of VARA was elated about Binance’s milestone, he said

“We are pleased to have Binance licensed to operate within the VARA MVP Programme. The VARA regime aims to strike an effective balance between value creation and risk mitigation, enabling open market innovation while assuring protection for the economically vulnerable.”

Noteworthy is the fact that Binance has bagged quite a number of regulatory licenses this year alone. This act goes further to emphasize Binance’s openness to operate in regulated economies of the world. Moon Tech Spain SL, a subsidiary of Binance received a license from the Bank of Spain to operate as a VASP.