Binance has obtained an Operational Minimum Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA), marking it as the first exchange to do so. This license allows Binance to provide regulated virtual asset services to qualified institutional and retail investors in Dubai, offering crypto-to-fiat exchanges compliant with the Financial Action Task Force’s (FATF) guidelines.
With this new license, eligible users in Dubai can access authorized virtual asset services under VARA’s investor protection and market assurance standards. To qualify as a user of Binance in Dubai, investors must meet specific criteria. They must be classified as “qualified retail clients” in Dubai, meet a minimum age requirement of 21, and possess a net liquid asset of at least 500,000 United Arab Emirates dirhams ($136,000). Additionally, users must provide valid identification documents and proof of a valid UAE address and contact details.
As Binance continues to expand its services under the Operational MVP License, it sets a precedent for positive collaboration between cryptocurrency exchanges and regulators in this rapidly-evolving financial technology landscape.