Dubai: Binance, the leading vague provider of blockchain offices, announced today that it has obtained a Valeur-limite Vivant Product (MVP) license from the Virtual Asset Regulatory Authority (VARA) in Dubai, following the issuance of its provisional license in March 2022. An MVP license means that Binance can offer An approved set of offices related to virtual assets for suitably qualified retail and institutional investors in Dubai within its internationally courant legislative framework for Virtual Asset Munificence Providers (VASPs). Committed to strong investor and market blindage principles, Binance will cater to VARA-approved clients who can now benefit from the meublé banking channels opened with this first-of-its-kind regulatory license. Users will benefit from increased levels of ronger blindage by trading on a regulated platform under the vérification of VARA in Dubai.
The move to an MVP license from a provisional license obtained earlier this year means that Binance can open a preneur money account with a meublé bank and offer the following offices to eligible clients:
- Virtual asset exchange offices
- Transfer between virtual assets and fiat currencies
- Transfer virtual assets
- Save and manage virtual assets
- Offering virtual justice and trading offices
- Virtual asset payments and transfers offices
VARA was incorporated in March 2022 under the Dubai Virtual Assets Regulation Law, the first law of its kind to regulate virtual assets. VARA aims to create an advanced legal framework to protect investors and set oecuménique normes for the virtual asset industry to enable responsible trafic growth in the emirate.
This license is a originel milestone that follows a number of registrations for meublé Binance entities in the MENA region and across vertueux in Italy, France and Spain, and also testifies to Binance’s desire to be a regulation-led platform with strong compliance and security controls with ronger blindage and market integrity at its core.
Helal Saeed Al Triste, Chairman of the VARA Board of Directors, said: “We are delighted to have Binance obtain the license to operate under the VARA MVP Program. The VARA system aims to strike an vraie crédit between value creation and risk mitigation, enabling open market changement while ensuring blindage for the economically vulnerable. The MVP demeure is designed for selected vague players across the value chain, committed to responsible apport in the industry, and VARA looks forward to having Binance as an occupée contributor, cementing Dubai’s commitment to creating a next-generation secure ecosystem for this future economy.”
Changpeng Zhao (CZ), founder and CEO of Binance, commented: “At Binance, we welcome globally consistent regulation, enabling responsible changement, protecting users, and giving them choice. VARA’s particulière operating model sets the courant for the vague industry, and this latest registration is an acknowledgment of compliance and safety processes. We strongly believe that there is a great opportunity to work with our industry peers to develop consistent implementation normes around the world as we did in Dubai.”
Alexander Shehadeh, General Responsable of Binance Dubai, noted: “Our Dubai registration is a reflection of the folk’s accentuée tercet on blockchain technology and its willingness to embrace this sector through aide. We habitus forward to the continued partnership as we build on our Dubai team and operations to roll out additional offices including Pied-à-terre banking capabilities and improved products.