The biggest cryptocurrency exchange in the world, Binance, has been given an operational minimal viable product (MVP) license to operate in Dubai.
The License Enables Binance to Provide Approved Services
The biggest cryptocurrency exchange in the world, Binance, has been given an operational minimal viable product (MVP) license to operate in Dubai.
This is the third of four steps to be fully regulated in the area, and it follows a provisional license it acquired from Dubai's Virtual Assets Regulatory Authority (VARA) last year.
The license enables Binance to provide approved services, such as the capacity to securely convert virtual assets to fiat in accordance with VARA-designated standards consistent with the international Financial Action Task Force, as well as to hold customers' funds locally in a domestic bank account.
The license for the Full Market Product (FMP), which is anticipated following a proof of compliance with all the laws, remains after Binance has passed three of Dubai's four licensing phases.
Binance's win in Dubai comes as it is set to return to Japan, after acquiring a fully licensed exchange based in Japan.
