Because many users can access the Binance platform, its immense popularity is not surprising. Today, this cryptocurrency trading platform handles the most volume of transactions around the globe.
Following the issuance of its provisional license earlier in March, the global blockchain services provider Binance has earned a minimal viable product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA).
What Does This Permit Entail, Exactly?
Within Dubai’s internationally benchmarked legislative framework for virtual asset service providers, Binance is now authorized to deliver an approved range of virtual asset-related services to appropriately qualified retail and institutional investors, thanks to the MVP license.
Simply put, Binance is dedicated to upholding rigorous investor and market protection principles, and the exchange will only work with customers who have been pre-screened and approved by VARA. These customers will now be able to take advantage of the local banking channels made available due to the industry’s first regulatory license of its kind.
Here are some key takeaway points of this transition:
- Trading on a regulated platform under the supervision of VARA in Dubai will result in higher consumer protection levels for the platform users.
- The license will be a significant achievement after several registrations for Binance’s local organizations in the Middle East and North Africa region and throughout Europe in Italy, France, and Spain.
- Lastly, this transition allows Binance to open a client money account with a domestic bank, which will provide various services to qualified customers. These services will include virtual asset exchange, transfer, virtual asset and fiat currency conversion, custody and management of virtual assets, virtual token and trading services, and payment through virtual assets and remittance services.