Crypto exchange Binance received a Minimal Viable Product (MVP) license from Dubai's Virtual Asset Regulatory Authority (VARA), enabling the crypto exchange to offer a range of virtual asset services to qualified retail and institutional investors, the company disclosed on Tuesday.
The development follows the issuance of the provisional license granted in March, which permitted the company to set up an office in the United Arab Emirates and provide digital asset exchange services to pre-qualified investors and financial firms.
With the new permission, Binance will be able to offer a range of virtual asset-related services to qualified retail and institutional investors under the legislative framework for virtual asset service providers (aka VASPs).
It will also permit the company to access local banking channels and provide open money accounts, virtual-fiat currency conversions, assets transfers, custody and management, as well as token offering and trading services.
Changpeng Zhao...
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