Binance, a major cryptocurrency exchange, has achieved a significant milestone in its relationship with regulators in the United Arab Emirates. The company's Dubai-based subsidiary, Binance FZE, has been granted an operational minimum viable product (MVP) license from Dubai's Virtual Asset Regulatory Authority (VARA). With this new license, Binance is officially authorized to offer cryptocurrency exchange and virtual asset broker-dealer services.
However, it's important to note that these services are currently limited to institutional and qualified retail investors in Dubai. Eligible investors in Dubai can now access authorized services such as crypto-to-fiat exchanges that comply with the guidelines set by the intergovernmental Financial Action Task Force (FATF).
