In line with its expansion strategy, Binance has taken the necessary steps to set up in different countries this year. The cryptocurrency exchange has managed to obtain several licenses to offer its services around the world. In this context, the Virtual Assets Regulatory Authority (VARA) of Dubai recently granted a license to Binance. This is a Minimum Viable Product (MVP) license that follows another (provisional) clearance that the exchange had obtained in March. What does the new license allow Binance to do?
Offering a wide range of crypto services in Dubai
The new Licence obtained by the crypto exchange Binance authorizes it to offer different services on digital assets. These services will be aimed at qualified retail and institutional investors. They will be offered in accordance with the legislative framework that applies to virtual asset service providers (VASP).
The license allows Binance to access Dubai banking channels. The exchange will be able to provide money accounts and perform virtual currency conversions and asset transfers. It will also be able to offer custodial and digital asset management services. Additionally, the new authorization will allow Binance to provide crypto trading services.
Founder Changpeng Zhao (CZ) who is also the CEO of Binance said, “We strongly believe that there is a significant opportunity to work with our industry peers to develop consistent implementation standards around the world, as we did in Dubai.“.
In March, Binance had not only obtained a provisional license to operate in Dubai. The exchange was also licensed to offer custody, trading and portfolio management services in Bahrain. That said, after the United Arab Emirates and Bahrain, Binance intends to establish itself in other countries in the Middle East.
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