Binance has become the first crypto exchange to receive an Operational Minimum Viable Product (MVP) license, enabling the company to offer regulated services in Dubai.
Binance’s subsidiary – Binance FZE – has been granted an Operational MVP license by Dubai’s Virtual Asset Regulatory Authority (VARA).
VARA’s approval permits Binance to operate two licensed activities: crypto exchange services and broker-dealer services, limited to institutional and qualified retail investors in Dubai.
The success in the Middle East caps a streak of license failures in Europe and North America, where Binance has faced increased regulatory pressure.