Binance was granted a license to operate in Dubai after obtaining a preparatory license in September 2022 and meeting the prerequisites.
Binance has obtained a Minimal Viable Product (MVP) license from Dubai’s Virtual Assets Regulatory Authority (VARA) to hold clients’ funds locally, operate the exchange, and provide payments and custody services. Binance, the leading name of crypto exchanges, said that eligible users in Dubai can now access authorized services.
The exchange expands its operations in Dubai
Announcing that it has obtained a license in Dubai, Binance has reached the third of four phases regarding its jurisdiction. Announcing that eligible users will be able to access authorized services, the exchange attracted the attention of many countries, not just Dubai. Binance, which has accelerated its work for fund management, exchange operation, payments and custody services, continues to publish announcements on these issues.
Dubai has a four-stage licensing process and Binance has passed three of these stages with the expected Full Market Product (FMP) license after all regulatory compliance has been demonstrated. Also, the stock market’s move in Dubai came as it was scheduled to re-enter Japan and faced problems in Germany, Austria, Belgium and the Netherlands.
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