Crypto Exchange Binance Secures Operating License in Dubai- Here's the Latest
On Monday, Binance, the world's largest cryptocurrency exchange, secured the Operational MVP License to operate in Dubai after fulfilling the necessary pre-conditions since obtaining a preparatory license in September 2022.
Last year, Binance FZE, the Dubai-based subsidiary of Binance, achieved a significant milestone by obtaining Dubai's Virtual Asset Regulatory Authority (VARA).
This regulatory approval enables Binance FZE to open a domestic bank account to hold clients' funds locally, operate a crypto exchange, and provide payment and custody services.
However, with the recent progression to an Operational MVP License, eligible users in Dubai can now access authorized services, including safely converting virtual assets to fiat in compliance with VARA-designated standards set by the intergovernmental Financial Action Task Force.
Binance's recently obtained operating license in Dubai comes with certain limitations.
The services provided are currently restricted to institutional and qualified retail investors in the region, as per Binance's announcement.
Eligible investors in Dubai can now access authorized services, including crypto-to-fiat exchanges compliant with the Financial Action Task Force (FATF) guidelines.
To become a user of Binance in Dubai, an investor must qualify as a "qualified retail client."
This status requires individuals to be at least 21 years old and possess net liquid assets worth 500,000 United Arab Emirates dirhams ($136,000), supported by documentary proof like bank statements and evidence of funds.
Additionally, qualified investors must submit valid identification documents, such as passports and visas, proof of a valid UAE address, and contact details.
In 2022, Dubai's crypto industry embraced a
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