Binance Obtains Another Crypto License in Dubai…Details Here
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Answer Binance Obtains Another Crypto License in Dubai…Details Here
The world’s largest cryptocurrency exchange – Binance – has been granted a Viable Product License (MVP) from the Virtual Asset Regulatory Authority (VARA) in Dubai.
The new mandate enables Binance to begin offering a range of digital asset services to qualified retail and institutional investors in the region.
Prior to that, Dubai regulators granted a license allowing Binance to interact only with accredited investors and professional financial service providers.
Binance obtains another crypto license in Dubai:
In March of this year, Binance obtained a temporary license from VARA in Dubai that allows it to provide cryptocurrency services to a certain type of local investors.
The green light meant the company should operate within the virtual asset market model which is an “adaptive test metric” in major cities, while the local regulator pledged to closely monitor the process.Read:Polymath is abandoning a number of its projects and laying off part of its employees
Currently, the Dubai authorities seem satisfied with Binance’s presence in the region as they have granted it a Viable Product (MVP) license.
Thus, the platform can now provide digital asset services to qualified individual and institutional investors as long as they adhere to local rules.
New Binance customers will be approved by VARA, which means that users will benefit from increased levels of consumer protection.
Later, the MVP authorization allowed Binance to open a client money account with a local bank and offer a variety of options.
Virtual asset exchange services, cryptocurrency exchange, digital asset custody and management, and transfer between virtual assets and fiat currencies.
stated Mr. Helal Saeed Al Marri, Chairman of the Board of Directors of VARA:
The regulator is pleased to have Binance running within its program.
That through its policies, the agency aims to enable the best crypto experiences for local investors along with maximum customer protection.
This was also talked about by Changpeng Zhao, President of Binance who said that the main goal of the platform is to enable responsible innovation, give users access to the crypto world with the least amount of risk and cooperate with regulators.Read:Learn about the details of the Harmony project partnership and ChainLink project
We strongly believe that there is a great opportunity to work with our industry peers to develop consistent implementation standards around the world as we did in Dubai.
Regardless of Binance, local authorities in Dubai granted a temporary license to CryptoCom, while FTX obtained regulatory approval to set up a regional headquarters in Dubai.
In May, Emirates Airlines, the largest airline in the United Arab Emirates, revealed plans to adopt bitcoin as a payment method, while blockchain technology could be used to track aircraft records.
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