Cryptocurrency exchange Binance announced on Monday that Dubai's Virtual Assets Regulatory Authority (VARA) had granted it an Operational Minimum Viable Product (MVP), which allows the trading platform to offer its services legally in the country after meeting the pre-conditions since it was given a preparatory license back in September last year.
Last year, the country’s regulator granted Binance a Minimal Viable Product (MVP) license, which allowed the company to open a domestic bank account to hold clients' funds locally, operate a crypto exchange and offer payments as well as custody services.
Now, the exchange can provide exchange and broker-dealer services to institutional and qualified retail investors.
Richard Teng, Head of Regional Markets at Binance, has commented:
"We are honored to be the first exchange to be granted an operational Minimum Viable Product License by VARA — a result of over a year of due diligence, collaboration, and consistent demonstration of responsible intent – that now allows us to be able to leverage the potential of a progressive regulatory framework, enabling innovation while furthering user protection."