<p></p><p>Binance’s subsidiary has achieved a significant milestone by becoming the first exchange to receive the Operational Minimum Viable Product license in Dubai, UAE.</p><p>Users can now access regulated <a href="https://cryptosheadlines.com/okx-launches-updated-app-for-virtual-asset-spot-trading-in-hong-kong/" rel="noopener noreferrer nofollow">virtual asset</a> services on the exchange, including fiat on-ramp and off-ramp services, adhering to Dubai’s Virtual Assets Regulatory Authority (VARA) standards for investor protection and market assurance.</p><h3 id="binance-fze-granted-full-operational-mvp-license-in-dubai">Binance FZE Granted Full Operational MVP License in Dubai</h3><p>Dubai’s Virtual Assets Regulatory Authority (VARA) announced on July 31 that they have approved Binance for an Operational Minimum Viable Product (MVP) license, allowing the exchange to provide virtual <a href="https://cryptosheadlines.com/binance-us-accuses-sec-of-dishonesty-over-exchange-asset-statements/" rel="noopener noreferrer nofollow">asset</a> exchange services.</p><p>Alexander Chehade, Binance Dubai’s General Manager, expressed excitement about Dubai’s development as a global virtual asset hub. He emphasized <a href="https://cryptosheadlines.com/binance-appoints-new-head-for-regional-markets-amid-increasing-regulatory-scrutiny/" rel="noopener noreferrer nofollow">Binance’s commitment to enhancing operations in the region and ensuring market</a> and investor security.</p><p>Binance’s Dubai subsidiary, Binance FZE, is now authorized by VARA to offer various services, <a href="https://cryptosheadlines.com/shiba-inu-shib-and-xrp-included-in-hong-kongs-virtual-asset-index/" rel="noopener noreferrer nofollow">including virtual asset</a> exchange and broker-dealer services. Initially, these services will be available to <a href="https://cryptosheadlines.com/franklin-templeton-plans-listing-blockchain-fund-for-institutional-investors/" rel="noopener noreferrer nofollow">institutional and qualified retail investors</a>.</p><p>In March 2022, Binance FZE obtained a provisional MVP license, followed by a preparatory MVP license in September 2022. The approval of the Operational MVP license demonstrates compliance with local regulations for Virtual Asset <a href="https://cryptosheadlines.com/binance-suspends-aussie-deposits-and-withdrawals-amid-payment-service-provider-disruption/" rel="noopener noreferrer nofollow">Service Providers</a> (VASPs).</p><p>The license permits <a href="https://cryptosheadlines.com/binance-us-user-assets-secure-operations-continue-despite-sec-tro/" rel="noopener noreferrer nofollow">Binance users to safely convert virtual assets</a> to fiat in adherence to VARA standards and in compliance with Financial Action Task Force (FATF) rules.</p><h3 id="binance-sets-sights-on-dubai-as-global-crypto-hub">Binance Sets Sights on Dubai as Global Crypto Hub</h3><p>Binance sees Dubai as the ideal global crypto hub because of its crypto-friendly regulations and the likelihood of CEO Changpeng “CZ” Zhao residing in the city. The UAE has enthusiastically embraced <a href="https://cryptosheadlines.com/visa-to-work-on-creating-digital-money-for-brazil-using-blockchain-technology/" rel="noopener noreferrer nofollow">blockchain technology</a>, Web3, and virtual assets, fostering a thriving industry. <a href="https://cryptosheadlines.com/binance-first-crypto-exchange-to-obtain-major-dubai-license/" rel="noopener noreferrer nofollow">Read More...</a></p>

Binance First Crypto Exchange to Obtain Major Dubai License

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