Last week, Binance received the Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA), authorizing the company to offer an approved range of virtual asset-related services to suitably qualified retail and institutional investors in Dubai within its internationally benchmarked legislative framework for virtual asset service providers (VASPs). According to its founder and CEO Changpeng Zhao, Binance already has 400+ employees in Dubai.
The Dubai license follows several registrations for Binance‘s local entities in the MENA region and in Italy, France, and Spain.
Binance will now be able to serve clients approved by VARA who can now benefit from the local banking channels unlocked by this first-of-its-kind regulatory license. Users will benefit from increased levels of consumer protection by trading on a regulated platform under the supervision of VARA in Dubai.
