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Binance secures Dubai licence to offer crypto services

By Pramod Kumar
REUTERS/Dado Ruvic
Binance can now offer an approved range of virtual asset-related services to qualified retail and institutional investors in Dubai.

Cryptocurrency exchange Binance has received the minimal viable product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA) following the issuance of its provisional license in March 2022, WAM, the UAE state-owned news agency, reported.

The MVP license will allow Binance to offer an approved range of virtual asset-related services to qualified retail and institutional investors in Dubai within its legislative framework for virtual asset service providers (VASPs). 

The transition to an MVP license from a provisional license will further permit Binance to open client money accounts with domestic banks and benefit from new services.

This license follows several registrations for Binance’s local entities in the Middle East and North Africa and across Europe in Italy, France and Spain.

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