Binance, the biggest cryptocurrency exchange to date, announced on Tuesday that the Virtual Asset Regulatory Authority (VARA) in Dubai has granted it a license for a Minimal Viable Product (MVP).
With the help of the license, the cryptocurrency exchange will be capable of opening a client money bank account with a local bank and provide additional services such as virtual asset exchange, virtual coin offerings, virtual asset custody and management, and trading.
The Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority was obtained by Binance, according to an official notification made on Tuesday, September 20. In reality, in March of 2022, Binance was granted a provisional license in Dubai. As a result, Binance has passed FTX and is now the second cryptocurrency exchange to have the license on its hands.
Binance, through this license, can now provide services relating to virtual assets to accredited individual and institutional investors in the city. The cryptocurrency exchange guarantees adherence to rigid investor and industry protection norms whilst enhancing the protection of consumers in the market. Additionally, the exchange will exclusively provide services to customers who have been authorized by the Virtual Asset Regulatory Authority.
The chairman of the Virtual Asset Regulatory Authority (VARA) Helal Saeed Almarri thinks Binance actively contributes to the cryptocurrency industry and has committed to expanding the community in the city, adding that they are “pleased to have Binance licensed to operate within the VARA MVP Programme. The VARA regime aims to strike an effective balance between value creation and risk mitigation, enabling open market innovation while assuring protection for the economically vulnerable.”
The VARA MVP Program, according to the CEO of Binance, Changpeng Zhao – CZ, is ideal for the cryptocurrency exchange. It demonstrates Binance’s dedication to safety and compliance procedures in various regulations. Additionally, Binance has consistently supported laws that support ethical innovation, safeguard users, and adhere to a consistent global standard.
Binance keeps growing internationally with new corporate premises and affiliations. Its goal is to drive the next phase of blockchain and cryptocurrency mainstreaming.
Lately, regulatory authorization for Binance was granted in a number of nations, such as Bahrain, Bahrain, Spain, France, and Italy. Additionally, the CEO of Binance is traveling to several nations to broaden Binance’s market and offer more items.