Binance Secures Operational License in Dubai

Binance has successfully obtained an operational license in Dubai, marking the completion of the third out of four steps towards achieving full regulatory compliance within the jurisdiction.
Binance has announced that eligible users in Dubai will gain access to authorized services.

Binance, the largest cryptocurrency exchange in the world, proudly announced on Monday that it has secured a license to conduct operations in Dubai. This achievement comes after fulfilling all pre-conditions since obtaining a preparatory license in September 2022.

Last year, Binance was granted a Minimal Viable Product (MVP) license by Dubai's Virtual Assets Regulatory Authority (VARA), enabling the company to establish a domestic bank account for the purpose of securely holding clients' funds within the country. This license also authorized Binance to operate a cryptocurrency exchange and provide comprehensive payment 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 follows a four-stage licensing procedure, and Binance has successfully completed three of these stages. The Full Market Product (FMP) license, which is pending, will be granted upon a successful demonstration of compliance with all the regulatory requirements.

Binance's triumph in Dubai coincides with its plans to re-enter the Japanese market, despite facing challenges in Germany, Austria, Belgium, and the Netherlands. Additionally, the U.S. arm of Binance has encountered legal action from regulators due to allegations of operating an unregistered exchange.