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Binance Secures License in Dubai to Offer More Crypto Services
The exchange had previously secured a license to offer limited crypto exchange products and services to qualified investors in Dubai.
Updated May 11, 2023, 6:17 p.m. Published Sep 20, 2022, 11:21 a.m.
Crypto exchange Binance has secured a license from Dubai's Virtual Asset Regulatory Authority to offer a range of crypto-related services in the city, according to a Tuesday announcement.
- With the new Minimal Viable Product license, the world's largest crypto exchange by volume can open a domestic bank account to hold clients' funds locally, operate a crypto exchange and offer payments and custody services, according to the press release.
- Binance received in-principle approval for the MVP license from the Dubai regulator back in March, the press release said.
- In March, the exchange was also granted a Virtual Asset License in Dubai that allowed it to "extend limited exchange products and services" to qualified investors.
- The exchange has been aggressively pursuing regulatory approval in the Middle East, with a special focus in the Unites Arab Emirates. In April Binance got provisional approval to operate as a broker-dealer in virtual assets in UAE's capital, Abu Dhabi.
- Binance has been trying to attain global regulatory approval after facing a series of set-backs. The exchange faced scrutiny from regulators in the U.K. and Japan last year. This year, the exchange was blocked in Uzbekistan and Israel.
- Binance also received approval to operate in Kazakhstan, France and Spain this year.
- Dubai's VARA did not immediately respond to a request for comment when contacted by CoinDesk.
Read more: Binance Gets In-Principle Approval to Operate as Crypto Broker-Dealer in Abu Dhabi
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