Binance announced that it is the first trading platform to obtain the Minimum Operating License (MVP) from the Dubai Virtual Asset Regulatory Authority (VARA), following Binance obtaining the Minimum Product Preparatory License in September 2022, which imposed specific conditions that must be met to obtain the license. operational.
Binance's compliance with the requirements of the Dubai Authority for the Regulation of Virtual Assets made it possible for Binance FZE to operate. As a trading platform, broker or agent for virtual assets, it is limited to qualified individual and institutional investors in Dubai, according to a press release.
By obtaining the operating license under the world's only dedicated regulatory and legislative framework for virtual asset service providers, Binance confirms its commitment to building a legally compliant trading platform in cooperation with local regulators.
This transition from the provisional license in 2022 to the operating license for a minimal product allows eligible Binance users access to authorized services, including the secure conversion of virtual assets into certified local currencies under strict FATF-compliant standards.
Thus, UAE residents and global consumers joining the platform will benefit from the enhanced protection of investors, and from the market safety standards specific to the virtual assets sector, which are imposed by the Dubai Virtual Assets Regulatory Authority on any entity licensed to provide virtual assets services regulated in and issued from the Emirate of Dubai.
During September 2022, Binance, which operates the Binance platform for digital currency and virtual asset trading services, obtained the approval of the Dubai Virtual Assets Regulatory Authority to launch a minimum product, after obtaining a temporary license in March.
The Binance platform will be able to provide an approved set of services related to virtual asset trading to individual investors and qualified institutions in Dubai, within the legislative framework that regulates the activities of virtual asset service providers in the emirate.
