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Binance Secures License in Dubai to Offer More Crypto Services
The exchange had previously secured a license to offer limited crypto exchange products and services to qualified investors in Dubai.
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.
- The exchange has been aggressively pursuing regulatory approval in the Middle East, with a special focus in the Unites Arab Emirates. In April Binance got provisional approval to operate as a broker-dealer in virtual assets in UAE's capital, Abu Dhabi.
- Binance has been trying to attain global regulatory approval after facing a series of set-backs. The exchange faced scrutiny from regulators in the U.K. and Japan last year. This year, the exchange was blocked in Uzbekistan and Israel.
- Binance also received approval to operate in Kazakhstan, France and Spain this year.
- Dubai's VARA did not immediately respond to a request for comment when contacted by CoinDesk.
Read more: Binance Gets In-Principle Approval to Operate as Crypto Broker-Dealer in Abu Dhabi
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Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner. Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
