Binance Secures License In Dubai To Expand Crypto Services

Twitter icon  •  Published 1年前  •  Nikolas Sargeant

Binance has secured a license to offer limited crypto exchange products and services to qualified investors in Dubai

Binance has been active in the middle east and around the world this year, expanding its services abroad, previously securing a license to offer limited crypto exchange products and services to qualified investors in Dubai.

Now the crypto firm has secured a license to offer a range of crypto services in Dubai, a license awarded by Dubai’s Virtual Asset Regulatory Authority to provide a range of crypto-related services in the city. 

Binance Secures MVP Licence

Binance, the world’s largest exchange by 24-hour trading volume, has received approval for the Minimal Viable Product (MVP) license, allowing the firm to open a domestic bank account to hold clients’ funds locally, operate the exchange and its products, as well as offering payments and custody services. 

While Binance and other crypto companies have been tussling with regulators across Europe, Dubai has been active in pushing forward its crypto services and becoming the digital currency hub of the world. We saw early signs of that back in March when Binance was awarded an in-principle approval for the MVP license; 6 months later, Binance is now fully operational in the city. 

In March, Dubai awarded Binance a Virtual Asset License that allowed them to “extend the limited exchange products and services” to qualified investors. Since then, Binance has been aggressively pursuing regulatory approval in the Middle East, as has the firm’s most prominent rival FTX—which just yesterday received a license to expand its services for its subsidiary exchange, FZE. 

Just a month later, in April, Binance was awarded provisional approval to set up its operations as a broker-dealer in digital assets in UAE’s capital Abu Dhabi. The transition from a provisional license to an MVP license means that Binance can open a domestic bank and provide customers with the following services: 

  • Virtual asset exchange services.
  • Conversion between virtual assets and fiat currencies.
  • Transfer of virtual assets.
  • Custody and management of virtual assets.
  • Virtual token offering and trading services.
  • Virtual assets payments and remittance services.

Binance Pursues Global Regulatory Approval

Binance has faced a series of setbacks after hiring a new global regulatory team to satisfy the demands of governmental regulators. It’s been a long road, but Binance has begun to make traction, picking up approval to operate in Kazakhstan, France, and Spain.

Despite positive signs, Binance has continued to have problems with the UK, which placed an outright ban on the firm’s services last year. Binance continues to work with the Japanese, Israeli, and Uzbekistan governments to appease the rigorous regulatory standards to operate. 

Author

Nikolas Sargeant

Nik is a content and public relations specialist with an ever-growing interest in Crypto. He has been published on several leading Crypto and blockchain based news sites. He is currently based in Spain, but hails from the Pacific Northwest in the US.