Binance, the world’s largest cryptocurrency exchange, has recently announced that the company has received the Operational Minimum Viable Product (MVP) license to operate in Dubai.
The company will now be able to offer its services in Dubai. As a result, users who qualify will now access Binance’s regulated virtual assets services. This development is poised to revolutionize the way Dubai’s population interacts with digital assets, enabling them to participate in the trade of virtual assets with greater ease and security.
Binance successfully attained the provisional MVP license in March 2022 and a preparatory MVP license in September 2022. With this MVP license, Binance users can safely convert crypto assets to fiat currency under VARA – designated standards compliant with the Intergovernmental Financial Action Task Force.
Alexander Chehade, Binance Dubai’s General Manager. “The last few years have cemented Dubai as a global virtual asset hub and we are excited to be a witness to that growth as we build on our operations here, with continued commitment to market and investor security,” he said.
Binance’s acquisition of the Operational MVP license to operate in Dubai represents a momentous occasion in the cryptocurrency space. With its reputable services and commitment to advancing blockchain technology, Binance is well-positioned to open up a new realm of possibilities for digital asset investors in the region.