Cryptocurrency exchange Binance has received its license from Dubai’s Virtual Asset Regulatory Authority (VARA) and can now offer its services in the city.
With the new license named the Minimal Viable Product (MVP), the exchange can now open a domestic bank account to hold its clients’ funds locally, offer payments and custody services and operate its crypto exchange.
Binance is now able to offer “an approved range of virtual asset-related services to suitably qualified retail and institutional investors in Dubai”, considering it is “within its internationally benchmarked legislative framework for virtual asset service providers (VASPs)”.
Binance received its in-principle approval for the MVP license from the Dubai regulator back in March.
Alongside receiving its MVP, Binance was also granted a Virtual Asset License in Dubai which allowed the company to extend limited exchange products and services to qualified investors.
Binance has been venturing into the Middle East for some time. In April the exchange secured provisional approval to operate as a broker-dealer in virtual assets in Abu Dhabi.
As well as the UAE, Binance has been approved to operate in France, Kazakhstan and Spain in the last year.
You can enjoy recreational use of cryptocurrencies at websites such as 1xBit, Bitcasino and FortuneJack.