The world’s largest cryptocurrency exchange, Binance, has become the first-ever virtual asset exchange to receive an operational Minimum Viable Product (MVP) license in Dubai.
According to an announcement on July 31, Binance is the first exchange in the world to secure an Operational MVP License from Dubai’s Virtual Assets Regulatory Authority (VARA).
Users who qualify will now be able to access regulated virtual asset services under VARA’s investor protection and market assurance standards.
“We are honored to be the first exchange to be granted an operational Minimum Viable Product License by VARA,” Richard Teng, head of regional markets of Binance, said in the statement.
He added, “Our priority is to be able to operate this first fully regulated exchange in, and from Dubai, in a FATF-compliant ecosystem, setting the stage for global scalability with uncompromised user assurance.”
Binance FZE received a provisional MVP license in March 2022 and a preparatory MVP license in September 2022.
“The progression from the Provisional License, granted in 2022, to an Operational MVP License, means eligible users in Dubai will now be able to access authorized services, including the ability to safely convert virtual assets to fiat under VARA-designated standards compliant with the intergovernmental Financial Action Task Force,” a Binance blog said.
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