Binance has announced receiving the Operational MVP license in Dubai through VARA – Virtual Asset Regulatory Authority. MVP here stands for Minimum Viable Product. The license grants Binance the authority to offer its digital products and services to institutional investors and qualified retail investors. Binance receiving the said license makes it the first crypto venture to receive it in the world.
More specifically speaking, Binance FZE is the world’s first crypto venture to have received VARA’s Operational MVP license. Services that it can now offer to clients are:
- Exchange services
- Broker-Dealer services
The set of audiences is currently restricted to a limited number of investors only. However, Binance can look to include more users in the times to come and as & when it receives permission to do so. Every institutional investor can avail of the services; however, only select and qualified retail investors are eligible at Binance FZE. They can check their eligibility on the platform or go through the criteria stated by Binance.
Also, the services are restricted to the Dubai region only. VARA granting the license to Binance and the platform moving ahead with its offering underlines the commitment of Binance to offer services and products to customers only after it has duly met all the necessary requirements of the relevant regulatory authorities.
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The current development follows Binance receiving a provisional MVP license in March 2022. That was followed by receiving the preparatory MVP license in September 2023.
Assurance and protection standards have been crafted especially for the virtual asset sector. The community does not believe in compromising with standards and aims to provide a premium user experience to all its users. Consequently, VARA entering into the picture brings assurance for investors on a larger scale. Those who deal with Binance can be confident that they are under investor protection and the standards of market assurance. All Binance has to do is stick to the requirements stated by Dubai’s VARA.
Richard Teng from Binance has highlighted that receiving the license allows them to leverage the potential of a regulatory framework that is progressive and boosts innovation along with user protection. The Head of Regional Markets is confident that this will set a new tone for regulators across the world and also help them highlight the commitment to offer secure and seamless migration of customers.
The priority is now to be able to operate an exchange platform in Dubai, or from the region, in the FATF-compliant ecosystem. This is likely to set the stage for scalability across the world with an uncompromised assurance to users.
Binance, with this development, has taken a step further in achieving the mission of increasing financial freedom all over the world to significantly improve the lives of its users.
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Moving forward, Binance believes that more Web3 opportunities will open up in Dubai. Alexander Chehade, the General Manager of Binance Dubai, has also stated that this milestone takes them a step closer to providing more users access to their services.
