In a significant step towards regulation, Binance, the world’s leading cryptocurrency exchange, has secured an operational license in Dubai. The announcement came on Monday, following the exchange’s consistent compliance with pre-conditions since the award of a preparatory license in September 2022.
“Binance is the first exchange in the world to secure an Operational MVP License from Dubai’s Virtual Assets Regulatory Authority (VARA),” the company proudly stated. This achievement marks a new era for Binance, setting a precedent in the global cryptocurrency market.
”Binance’s regulatory journey in Dubai marks an epoch in the evolution of virtual asset services, not just within the UAE, but globally. VARA’s issuance of the Operational MVP License to Binance embodies a significant step towards a future of regulated, secure, and customer-centric virtual asset services.”binance.com/blog
Dubai operates a rigorous four-step licensing process for cryptocurrency exchanges, and Binance has successfully cleared three of these stages, as per Coindesk. The remaining step is the acquisition of the Full Market Product (FMP) license, which hinges on a demonstration of complete compliance with the regulations set out by VARA.
The acquisition of the operational license in Dubai is a critical move for Binance, particularly as the exchange is set to re-enter Japan.
To wrap it up, Binance, a big name in the cryptocurrency world, has just made a major move by getting a special license in Dubai. This is a big step because it shows that Binance is serious about following rules and regulations. It’s also good news for people in Dubai who use Binance because they will have more services they can use.