Binance Receives License To Operate As Virtual Asset Exchange In Dubai
Today, Binance, the world’s biggest cryptocurrency exchange, said that it had secured an Operational Minimum Viable Product license to provide virtual asset exchange services in Dubai.
According to a statement from Binance, the license promotes Binance FZE, the exchange’s Dubai affiliate, to provide services in the nation first to qualified institutional and retail investors.
The announcement comes in the wake of earlier attempts to acquire an MVP license in March 2022 and a preliminary MVP license in September 2022.
As of right now, qualified customers in Dubai will have access to approved services while “knowing they’re under investor protection and market assurance standards tailored specifically for the virtual asset sector,” according to the exchange.
Richard Teng, head of regional markets at Binance, said in the statement: “We are honored to be the first exchange to be granted an operational Minimum Viable Product License by VARA,” “Our priority is to be able to operate this first fully regulated exchange in, and from Dubai, in a FATF-compliant ecosystem, setting the stage for global scalability with uncompromised user assurance.”
BinanceLegal And Regulatory Conflict
The cryptocurrency exchange is under increasing scrutiny in other global marketplaces, even as it obtains licenses in Dubai and many other nations.
Last week, the exchange announced that it had canceled its application for a permit from the German Financial Supervisory Authority BaFin.
As part of an ongoing investigation against the cryptocurrency exchange, Australian regulators earlier in July investigated Binance’s office in Australia, according to Bloomberg.
Several American regulators are actively pursuing Binance, with the Commodities Futures Trading Commission having initiated legal action against the company in March.
Last month, the Securities and Exchange Commission additionally filed a lawsuit against the exchange and Zhao for allegedly breaking securities laws.
