Binance secures new Dubai-based licence to provide crypto broker-based facilities
Binance, a cryptocurrency exchange, has achieved a new Dubai-based licence based on its connections with United Arab Emirates’ regulators, as stated by Cointelegraph.
According to Cointelegraph, Binance FZE, Binance’s Dubai-oriented subsidiary, has secured a minimum viable product (MVP) licence from Dubai’s Virtual Asset Regulatory Authority (VARA). The announcement was made by the company on July 31, 2023. From what it’s understood, the licence would permit Binance to provide cryptocurrency-based and virtual asset broker-dealer facilities.
Based on Cointelegraph’s data, the licence-backed services aren’t constricted to Dubai’s institutional and qualified retail investors. Reportedly, qualified Dubai investors can get access to features such as crypto-to-fiat exchanges following Financial Action Task Force (FATF) guidelines. “Institutions and residents that qualify to use the services provided by the Operational MVP Licence in Dubai can do so knowing they’re under investor protection and market assurance standards tailored specifically for the virtual asset sector,” Binance stated.
“Our priority is to be able to operate this first fully regulated exchange in, and from Dubai, in a FATF-compliant ecosystem, setting the stage for global scalability with uncompromised user assurance,” Richard Teng, head of regional markets, Binance, highlighted.
Moreover, Cointelegraph noted that this update shows development from Binance’s provisional MVP licence, which VARA issued in March, 2022. In that context, Binance also got itself a preparatory MVP licence in September, 2022.
(With insights from Cointelegraph)
Follow us on Twitter, Facebook, LinkedIn
Read more on financialexpress.com
