Binance is increasingly consolidating its operations in the United Arab Emirates. After obtaining a provisional license last March, the cryptocurrency exchange now holds a Minimal Viable Product (MVP) license. The latter allows the exchange to further expand its crypto activities in the country.
Binance consolidates its presence in the United Arab Emirates
In a September 20 press release, Binance announced that it has been awarded the Minimal Viable Product (MVP) license by the Virtual Asset Regulatory Authority (VARA) in Dubai. This recognition follows the issuance of a provisional license last March.
According to Binance, the license, which materializes its expansion plans in the Middle East and Europe, attests to the company’s commitment to being “a regulatory-focused platform with robust compliance and security controls that have consumer protection and market integrity at their core.”
The transition from the provisional license to the Minimal Viable Product (MVP) license expands the sphere of activities that Binance is now allowed to conduct in the Emirate of Dubai.
The world’s leading exchange provider can now open a client account with a bank in the country. Its customers in Dubai can now access custody, conversion, and exchange services for crypto-fiat.
Binance excited and eager to conquer the UAE
Binance officials have officially responded to their company’s award of the MVP license. Alexander Chehade, managing director of Binance Dubai, touted the country’s favorable business climate for crypto investors.
Our registration in Dubai reflects the country’s progressive stance on blockchain technology and its willingness to embrace this sector through collaboration. We look forward to our continued partnership.Alexander Chehade, Managing Director of Binance Dubai.
Changpeng Zhao (CZ), CEO of Binance, was not indifferent to the MVP license. He praised VARA, one of the public institutions that is leading the progress of the cryptocurrency sector in the United Arab Emirates. P or the founder of Binance, the country’s proposed regulatory framework can serve as a benchmark for global regulation of cryptocurrency.
At Binance, we welcome consistent regulations that enable responsible innovation and protect users. VARA’s unique operating model sets a benchmark for the global industry. This most recent registration is a recognition of our compliance and safety processes within the new regulatory framework. We strongly believe there is a significant opportunity to work with our industry peers to develop consistent implementation standards worldwide, as we have done in Dubai.Changpeng Zhao (CZ), CEO and founder of Binance
Binance dominates the United Arab Emirates with 828 m
Finally, it will surely not have escaped you, but in the night of 24-25 September, the Burj Khalifa, the tallest building in the world with its 828 m showed the world the license.
We recommend you take a look, it’s worth it!
Established in March 2022 under the terms of the UAE Cryptocurrency Law No. 4 of 2022, the Virtual Asset Regulatory Authority (VARA) is the government institution tasked with driving innovation in the cryptocurrency sector. In just 6 months of existence, the Virtual Asset Regulatory Authority (VARA) has issued provisional licenses to major exchanges and cleaned up the regulatory framework. Today, at least 11.4% of the country’s residents hold cryptocurrencies and the trend is still rising. If VARA is part of the Dubaiverse project, will Binance be involved as well? Wait and see.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.