Cryptocurrency exchange Binance has received a permanent minimum viable product (MVP) license from the Dubai Virtual Assets Regulatory Authority (VARA).
Binance received a temporary VARA license in March. During the period of the temporary license, the exchange’s ability to provide cryptocurrency services was limited. The change in licensee status will allow Binance to offer full crypto-related services to both retail and institutional investors in the United Arab Emirates (UAE).
In particular, the exchange will be able to offer exchange and conversion services, exchange trading, asset management and money transfers. The permanent MVP license makes Binance Dubai a regulated platform with strong compliance and security controls.
“The MVP phase is only for selected global players who are committed to responsible industry participation and building a secure ecosystem, who effectively strike a balance between value creation and risk mitigation, enabling innovation in the open market and ensuring that economically vulnerable people are protected,” said the chairman. VARA Helal Saeed Almarri.
However, not in all countries where Binance is present, the relationship with the regulators of the exchange is developing as positively. In a number of jurisdictions, regulatory authorities accuse the platform of violating licensing rules, and also demand that it stop advertising services and illegal activities. Last year, the exchange was scrutinized by regulators in the UK and Japan. This year, the exchange was blocked in Uzbekistan and Israel.
The other day it became known that the US Committee on Foreign Investment may remove Binance from participation in the auction for the bankruptcy of Voyager Digital. The reason for the sanctions was the assumption that Binance is owned by Chinese participants, and its activities are controlled by China.