HomeTechnology & InnovationBinance gains MVP License from Dubai’s VARA
By Economy Middle East
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September 20, 2022 7:49 pm

Binance gains MVP License from Dubai’s VARA

Move enables traders to open financial accounts in UAE-based banks
Binance
Binance

Crypto exchange Binance has secured a Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA) to offer a range of crypto-related services in the city, according to a Tuesday announcement.

In March, Binance obtained a preliminary license from VARA to operate as a virtual assets broker-dealer in the region.

Traders will benefit from increased levels of security when trading on the Binance platform, which operates in line with VARA regulatory guidelines.

Binance’s MVP license provides an approved range of virtual asset-related services to suitably qualified retail and institutional investors in Dubai within its internationally benchmarked legislative framework for virtual asset service providers (VASP).

In addition, the MVP license means that Binance can open a client money account with a domestic bank and provide the following services to qualified customers:

  • Virtual asset exchange services
  • Conversion between virtual assets and fiat currencies
  • Transfer of virtual assets
  • Custody and management of virtual assets
  • Virtual token offering and trading services
  • Virtual assets payments and remittance services