Binance Gets operating License in Dubai
Binance gets one step closer to full regulation in Dubai, securing third of four needed licenses.
Binance, the largest cryptocurrency exchange, has been given a license to operate in Dubai. This is the third of four steps to become fully regulated in Dubai.
People in Dubai who are allowed to use Binance will now have access to approved services. Binance was granted this license after meeting requirements since it got a preparatory license in September 2022.
Last year, Binance was given a Minimal Viable Product (MVP) license from Dubai's Virtual Assets Regulatory Authority (VARA). This let it open a local bank account to keep clients' funds in the country, run a crypto exchange, and offer payment and custody services.
Getting an Operational MVP License from the Provisional License means that users in Dubai can now use authorized services. These include safely changing virtual assets to regular money under standards set by VARA and the international Financial Action Task Force.
Dubai has four stages to get a license and Binance has now finished three of them. The last step is the Full Market Product (FMP) license, which Binance expects to get after showing they follow all the rules.
Binance's success in Dubai comes as it plans to start working again in Japan, after facing problems in Germany, Austria, Belgium, and the Netherlands. Binance's US branch has also been sued by regulators for operating without the proper registration.
Reported by Coinpaprika NewsÂ
