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Dubai grants Binance the ‘Minimal Viable Product’ license- Here’s why

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Dubai’s Virtual Asset Regulatory Authority (VARA) has granted the Minimal Viable Product (MVP) license to the world’s largest cryptocurrency exchange, Binance, following which it can offer crypto-related services to both retail and institutional investors in the United Arab Emirates (UAE) from now onwards.

Binance was issued a provisional license in March 2022.

Opportunity to offer crypto-related services

Following the MVA license, Binance can now offer an approved range of crypto-related services to qualified retail and institutional investors in Dubai, a clientele approved by VARA.

The exchange can now offer a range of crypto-related services such as exchange, conversion, transfer, trading, management, payment, and remittance to its customers.

“VARA’s unique operating model is setting a benchmark for the global industry, and this most recent registration is an acknowledgment of our compliance and safety processes in the new regulatory framework,” said Changpeng Zhao (CZ), Binance founder and CEO.

VARA Dubai’s prominent crypto regulatory body

The Virtual Asset Regulatory Authority (VARA) was established by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai in March 2022.

He has also introduced rules and regulations related to cryptocurrency and other virtual assets. VARA necessitates crypto exchanges and users to register with it before engaging in crypto-related activities.

In July 2022, the Prime Minister announced a new metaverse strategy on Twitter, aimed at generating $4 billion for the economy through the growth of the blockchain and crypto industry. He added that this venture would generate 40,000 virtual jobs.

The royal family is keen to develop the UAE and Dubai as global players in the cryptocurrency industry and it has consistently been taking steps to create an encouraging environment for the industry here.

Since the establishment of VARA, a number of cryptocurrency exchanges have been granted regulatory approval in the UAE by VARA.

On 3 June, received a provisional Virtual Asset MVP license from VARA. On 21 June, Hex Trust received the same. On 14 July, the crypto trading application OKX was provided the same.

On 29 July, FZE, a division of the cryptocurrency exchange FTX, received the MVP license. Only recently, the London-based crypto exchange and wallet was granted a provisional license on 9 September.


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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