Binance has received an MVP operational license from Dubai regulators, enabling it to serve institutional and qualified retail investors.
Binance FZE, a subsidiary of Binance, has obtained an operational Minimum Viable Product (MVP) license from Dubai’s crypto regulator, the Virtual Asset Regulatory Authority (VARA), according to a blog post.
Earlier Binance got a provisional MVP license and a preparatory MVP license in May 2022 and September 2022 respectively.
With the latest approval, Binance can provide exchange and broker-dealer services to Dubai residents, starting with institutional clients and qualified retail investors.
“With this operation MVP license, all users onboarded through this platform can expect access to a trusted and regulated service that prioritizes security alongside compliance with highly specialized, tier-one virtual asset regulations under VARA.
Binance Dubai’s general manager Alexander Chehade
Rival crypto exchanges such as Crypto.com Bybit, and OKX have received an MVP preparatory license from Dubai’s VARA, while BitOasis, which earlier secured an MVP operational approval like Binance, saw its license suspended by VARA for failing to meet post-licensing requirements.
Meanwhile, Binance’s latest approval from Duba regulators comes as the cryptocurrency exchange recently withdraw its services from certain markets. As previously reported by crypto.news, Binance withdrew its licensing application with German regulators and also pulled out of the Netherlands after a failed attempt to get registration from Dutch authorities.
Binance, is, however, looking to reenter Japan following the acquisition of local crypto exchange Sakura Exchange BitCoin, after an initial exit in 2018.
