Binance to offer crypto broker-dealer services in Dubai with new license

Major cryptocurrency speech Binance has reached different milestone successful relationships with regulators successful the United Arab Emirates by winning a caller licence successful Dubai.

Binance’s Dubai-based subsidiary, Binance FZE, has obtained the Operational Minimum Viable Product (MVP) licence from Dubai's Virtual Asset Regulatory Authority (VARA), the steadfast announced connected July 31.

The caller licence officially allows Binance to run 2 activities, including cryptocurrency speech services and virtual plus broker-dealer services.

The services enabled by the licence are presently constricted to organization and qualified retail investors successful Dubai, Binance noted. Eligible investors successful Dubai volition present beryllium capable to entree authorized services similar crypto-to-fiat speech compliant with the intergovernmental Financial Action Task Force (FATF).

“Institutions and residents that suffice to usage the services provided by the Operational MVP License successful Dubai tin bash truthful knowing they’re nether capitalist extortion and marketplace assurance standards tailored specifically for the virtual plus sector,” Binance said successful the announcement.

Operating wrong Dubai’s regulated ecosystem, Binance is committed to ensuring unafraid and seamless lawsuit migration successful compliance with Know-Your-Customer requirements, Binance’s caput of determination markets Richard Teng said. He added:

“Our precedence is to beryllium capable to run this archetypal afloat regulated speech in, and from Dubai, successful a FATF-compliant ecosystem, mounting the signifier for planetary scalability with uncompromised idiosyncratic assurance.”

Binance’s latest regulatory milestone builds upon the progression from the provisional MVP license, issued by VARA successful March 2022. Binance besides obtained a preparatory MVP license successful September 2022.

Related: UAE emerges arsenic a pro-Bitcoin mining destination successful the Middle East

Some crypto exchanges antecedently reported that the preparatory MVP licence offers constricted capabilities. The licence lone allows exchanges to work a “very restricted acceptable of accredited investors,” Bybit CEO Ben Zhou told Cointelegraph successful June.

Binance did not instantly respond to Cointelegraph’s petition for comment.

The quality comes soon aft VARA successful mid-July suspended the operational licence of crypto exchanger BitOasis for not gathering mandated conditions wrong the timeframes acceptable retired by the authority. The steadfast subsequently said it was moving with VARA connected “fulfilling the remaining conditions.”

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