Binance has announced that its Dubai-based subsidiary, Binance FZE, has been granted an operational license by Dubai’s Virtual Asset Regulatory Authority (VARA) on July 31.
The newly-acquired minimum viable product (MVP) license officially enables Binance to offer cryptocurrency exchange and virtual asset broker-dealer services in Dubai. However, these services are currently limited to institutional and qualified retail investors. Eligible investors can now access authorized crypto-to-fiat exchanges that comply with the Financial Action Task Force (FATF).
To qualify, investors must be at least 21 years old and demonstrate 500,000 United Arab Emirates dirhams ($136,000) in net liquid assets, supported by bank statements and proof of funds. They are also required to provide valid identification documents, proof of a valid UAE address, and contact details.
Binance’s recent regulatory success builds upon its provisional MVP license granted by VARA in March 2022, followed by a preparatory MVP license in September 2022. In April 2023, VARA requested additional information from Binance about its business requirements to tighten regulatory norms in Dubai.
This news follows closely after VARA suspended the operational license of crypto exchange BitOasis for not meeting the mandated conditions within the prescribed timeframes. A Binance spokesperson revealed that the regulator’s framework comprises mandatory rulebooks related to general operations, compliance, and market conduct requirements, with key regulation highlights published by VARA in 2023.
Get $200 Free Bitcoins every hour! No Deposit No Credit Card required. Sign Up