Binance CZ - Binance

Dubai Said Yes As Binance Secures Another Crypto License

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Dubai Said Yes As Binance Secures Another Crypto License:

The world’s largest cryptocurrency exchange – Binance – has obtained a minimal viable product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA).

Binance CZ - Binance
Binance CZ – Binance

The recent licence enables the company to start providing a range of digital asset services to qualified retail and institutional investors in Dubai.

Before that, Dubai’s regulators awarded Binance with a license that allowed it to interact only with approved investors and professional financial service providers.

In March this year, Binance bagged a provisional license from Dubai’s VARA that permitted it to provide cryptocurrency services to a certain type of local investors.

It allowed the company to operate within the megalopolis’ “test-adapt-scale” virtual asset market model, while the domestic regulator vowed to observe the process strictly.

However, it seems like the green light payed up well since they recently granted Binance a minimal viable product (MVP) license.

Thus, the top crypto exchange can now provide digital asset services to qualified retail and institutional investors as long as the local rules are obeyed.

Binance’s new clients will be approved by VARA, meaning that users will benefit from increased levels of consumer protection.

According to reports, the MVP authorization allowed the top exchange to open a client money account with a local bank and provide a variety of options.

These include virtual asset exchange services, cryptocurrency transfers, custody and management of digital assets, and conversion between virtual assets and fiat currencies.

VARA’s Chairman – Helal Saeed Almarri – said the regulator is “pleased” to have Binance operating within its borders.

With its policies, the regulatory body aims to enable the best crypto experiences for domestic investors combined with maximum customer protection, he added.

Binance CEO – Changpeng Zhao – was not left out as he said the platform’s main goal is to provide responsible innovation, increase crypto adoption by giving users access to the crypto world at minimum risk, and to cooperate with regulators.

“We strongly believe there is a significant opportunity to work with our industry peers to develop consistent implementation standards around the world as we have been doing in Dubai,” he concluded.

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