Binance Dubai subsidiary – Binance FZE has received a Minimum Available Product (MVP) license from the Dubai Virtual Assets Authority (VARA), allowing Binance to operate cryptocurrency exchange services and virtual asset brokerage agent here.
According to Cointelegraph, Binance emphasizes that services are currently limited to qualified retail and institutional investors in Dubai. Investors can access an authorized service such as a crypto-to-fiat (fiat) exchange, in compliance with the Financial Action Task Force (FATF) regulations.
To become a user of Binance in Dubai, an investor must have “eligible retail customer” status, which includes a user who must be 21 years of age or older and demonstrate $136,000 in liquid assets. net account. Eligible investors are also required to provide valid identification such as passports, visas, as well as proof of address, and valid United Arab Emirates (UAE) contact information. ).
Binance FZE may provide services such as fiat-to-fiat exchange and conversion, transfers and custody, brokerage operations, and digital asset payments
In March 2022, Binance was granted a provisional license by VARA. Next, the world’s largest cryptocurrency exchange received a preparatory license in September 2022. In April 2023, VARA asked Binance to provide more information about its business in order to tighten the regulation of cryptocurrency in Dubai.
The world’s largest cryptocurrency exchange said that this is a joint process between companies and regulators, and Binance looks forward to working with VARA to prepare for the next stage of licensing.
According to CoinDesk, the licensing process in Dubai has four stages, and Binance is in the third. After proving that the exchange complies with all regulations, Binance is expected to be granted a Product license Toan market (FMP).