Binance Granted Operational License for Virtual Asset Exchange in Dubai

Binance, the largest cryptocurrency exchange in the world, announced today that it has obtained an Operational Minimum Viable Product license to offer virtual asset exchange services in Dubai, reports The Block.

The license has been granted to Binance FZE, the company's Dubai subsidiary, enabling them to provide services to institutional and qualified retail investors in the country. Binance had previously sought a provisional MVP license in March 2022 and a preparatory MVP license in September 2022. Now, eligible users in Dubai can access authorized services with confidence, as the exchange adheres to investor protection and market assurance standards designed specifically for the virtual asset sector.

Richard Teng, head of regional markets at Binance, expressed gratitude for being the first exchange to receive an operational Minimum Viable Product License from VARA. He emphasized that their focus is to run the first fully regulated exchange in Dubai, maintaining compliance with FATF regulations, and establishing a strong foundation for global scalability while ensuring users' confidence.

Despite acquiring licenses in Dubai and other jurisdictions, Binance has faced increased scrutiny in various global markets. Recently, the exchange withdrew its license application from German financial regulator BaFin, and its Australian office was searched by local regulators during an ongoing investigation into the cryptocurrency exchange. Additionally, in the United States, Binance is facing legal challenges from multiple regulators, with lawsuits filed by the Commodities Futures Trading Commission and the Securities and Exchange Commission alleging violations of securities laws.