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Binance Wins Operational License in Dubai
Binance met pre-conditions set since receiving a preparatory licence in September 2022.
Updated Jul 31, 2023, 7:01 a.m. Published Jul 31, 2023, 7:01 a.m.
- Binance has won an operational licence in Dubai, step three of four to be fully regulated in the jurisdiction.
- Eligible users in Dubai will now be able to access authorized services, Binance said.
Binance, the world's largest cryptocurrency exchange, has won a license to operate in Dubai after meeting the pre-conditions since receiving a preparatory license in September 2022, the company announced on Monday.
Last year Binance received a Minimal Viable Product (MVP) license from Dubai's Virtual Assets Regulatory Authority (VARA) allowing it to open a domestic bank account to hold clients' funds locally, operate a crypto exchange and offer payments and custody services.
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"The progression from the Provisional License, granted in 2022, to an Operational MVP License, means eligible users in Dubai will now be able to access authorized services, including the ability to safely convert virtual assets to fiat under VARA-designated standards compliant with the intergovernmental Financial Action Task Force," a Binance blog said.
Dubai has a four-stage licensing process and Binance has now cleared three of those stages, with the license for the Full Market Product (FMP) remaining, expected after a demonstration of compliance with all the rules.
Binance's win in Dubai comes as it is scheduled to re-enter Japan and faced setbacks in Germany, Austria, Belgium and the Netherlands. Binance's U.S. arm has also been sued by regulators for operating an unregistered exchange.
Read More: Dubai’s Crypto Industry Welcomes New Licensing Regime Amid Global Regulatory Uncertainty
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