Crypto exchange Binance has secured a license from Dubai's Virtual Asset Regulatory Authority to offer a range of crypto-related services in the city, according to a Tuesday announcement.
With the new Minimal Viable Product license, the world's largest crypto exchange by volume can open a domestic bank account to hold clients' funds locally, operate a crypto exchange and offer payments and custody services, according to the press release.
Binance received in-principle approval for the MVP license from the Dubai regulator back in March, the press release said.
In March, the exchange was also granted a Virtual Asset License in Dubai that allowed it to "extend limited exchange products and services" to qualified investors.
The exchange has been aggressively pursuing regulatory approval in the Middle East, with a special focus in the Unites Arab Emirates. In April Binance got provisional approval to operate as a broker-dealer in virtual assets in UAE's capital, Abu Dhabi.
Binance has...
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