Crypto exchange Binance has secured a license from Dubai's Virtual Asset Regulatory Authority to offer a range of crypto-related services in the city, according to a Tuesday announcement.
- With the new Minimal Viable Product license, the world's largest crypto exchange by volume can open a domestic bank account to hold clients' funds locally, operate a crypto exchange and offer payments and custody services, according to the press release.
- Binance received in-principle approval for the MVP license from the Dubai regulator back in March, the press release said.
- In March, the exchange was also granted a Virtual Asset License in Dubai that allowed it to "extend limited exchange products and services" to qualified investors.
- Dubai's VARA did not immediately respond to a request for comment when contacted by CoinDesk.
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