- Binance has won an operational licence in Dubai, step three of four to be fully regulated in the jurisdiction.
- Eligible users in Dubai will now be able to access authorized services, Binance said.
Binance, the world's largest cryptocurrency exchange, has won a license to operate in Dubai after meeting the pre-conditions since receiving a preparatory license in September 2022, the company announced on Monday.
Last year Binance received a Minimal Viable Product (MVP) license from Dubai's Virtual Assets Regulatory Authority (VARA) allowing it to open a domestic bank account to hold clients' funds locally, operate a crypto exchange and offer payments and custody services.
"The progression from the Provisional License, granted in 2022, to an Operational MVP License, means eligible users in Dubai will now be able to access authorized services, including the ability to safely convert virtual assets to fiat under VARA-designated standards compliant with the intergovernmental Financial Action Task Force," a Binance blog said.
Dubai has a four-stage licensing process and Binance has now cleared three of those stages, with the license for the Full Market Product (FMP) remaining, expected after a demonstration of compliance with all the rules.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.