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 <h2 id="binance-gets-operational-mvp-license-in-dubai">Binance Gets Operational MVP License In Dubai</h2> 
 <p>Dubai’s Virtual Assets Regulatory Authority (VARA) approved Binance with an Operational Minimum Viable Product (MVP) license to operate virtual asset exchange services, according to an announcement on July 31.</p>  
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 <p>Alexander Chehade, <a rel="noopener noreferrer nofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a> <a rel="noopener noreferrer nofollow" title="Dubai" href="https://thebittimes.com/tag/dubai.html">Dubai</a>’s General Manager, said:</p> 
 <blockquote> 
  <p>“The last few years have cemented Dubai as a global virtual asset hub and we are excited to be a witness to that growth as we build on our operations here, with continued commitment to market and investor security.”</p> 
 </blockquote> 
 <p>Binance’s Dubai subsidiary Binance FZE can now offer services approved by VARA, including virtual asset exchange and broker-dealer services. Initially, the crypto exchange will provide services to institutional and qualified retail investors.</p>  
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 <p>Binance FZE received a provisional MVP license in March 2022 and a preparatory MVP license in September 2022. The approval of the first Operational MVP license shows compliance with local regulators and regulatory framework for Virtual Asset Service Providers (VASPs).</p> 
 <p>The license will allow <a rel="noopener noreferrer nofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a> users to safely convert virtual assets to fiat under VARA standards in compliance with the Financial Action Task Force (FATF) rules.</p>  
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 <p><strong>Also Read: Curve Finance (CRV) Price Tanks After Major DeFi Exploit</strong></p> 
 <h2 id="binance-looks-to-dubai-as-global-crypto-hub">Binance Looks To Dubai As Global Crypto Hub</h2> 
 <p><a rel="noopener noreferrer nofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a> considers <a rel="noopener noreferrer nofollow" title="Dubai" href="https://thebittimes.com/tag/dubai.html">Dubai</a> as the global crypto hub due to crypto-friendly regulations and CEO Changpeng “CZ” Zhao likely living in the city. In fact, the UAE has embraced blockchain technology, Web3, and virtual assets to create a thriving industry.</p> 
 <p>Amid the regulatory challenges and intense scrutiny in other countries, Binance views the city as its home and scale services for institutions, retail investors, and the global virtual asset community.</p> 
 <p><strong>Also Read: US SEC Asked Coinbase to Halt Trading For All Crypto Except Bitcoin</strong></p> 
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Binance Becomes First Crypto Exchange To Get Major License In Dubai

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TheBitTimes

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