July 31, 2023 9:28 AM | 2 min learn
Binance‘s Dubai subsidiary has acquired the Operational Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA).
The license permits the cryptocurrency alternate to supply broker-dealer companies in Dubai, initially to institutional and certified retail buyers.
The Operational MVP license follows Binance’s profitable attainment of a provisional MVP license in March 2022 and a preparatory MVP license in September 2022.
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With this license, VARA has permitted Binance FZE to function two licensed actions: digital asset alternate companies and digital asset broker-dealer companies, restricted to institutional and certified retail buyers in Dubai.
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The development from the Provisional License to an Operational MVP License means eligible customers in Dubai can now entry licensed companies, together with the power to securely convert digital belongings to fiat.
These companies are compliant with VARA-designated requirements and the intergovernmental Monetary Motion Activity Drive.
Establishments and residents that qualify to make use of the companies supplied by the Operational MVP License in Dubai can achieve this understanding they’re beneath investor safety and market assurance requirements tailor-made particularly for the digital asset sector.
Richard Teng, Head of Regional Markets at Binance, commented: “We’re honored to be the primary alternate to be granted an operational Minimal Viable Product License by VARA. Working inside this regulated ecosystem, we’re dedicated to making sure safe and seamless buyer migration, with strong Know-Your-Buyer and Buyer-Due-Diligence as a part of the rigorous onboarding remediation as stipulated by VARA.”
Alexander Chehade, Binance Dubai’s Normal Supervisor mentioned that with this operational MVP license, all customers onboarded by way of this platform can anticipate entry to a trusted and controlled service that prioritizes safety alongside compliance with extremely specialised, tier-one virtual asset regulations under VARA.
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