Binance Secures Operational License in Dubai despite Global Woes

<p>When dark
clouds gather over Binance in the USA and Europe, the sun begins to shine for
the <a href="https://www.financemagnates.com/terms/e/exchange/">exchange</a> in the Middle East. Binance FZE, the Dubai subsidiary of the
crypto exchange, has been awarded an Operational Minimum Viable Product (MVP) license
from Dubai's Virtual Asset Regulatory Authority (VARA). </p><p>This
milestone represents a significant leap for the firm and its users, empowering
it to offer virtual asset (VA) exchange and broker-dealer services to
institutional and qualified retail investors in the emirate.</p><p>Binance Gains New License
in Dubai</p><p>This latest
advancement comes in the wake of VARA granting Binance <a href="https://www.financemagnates.com/cryptocurrency/news/binance-strengthens-middle-east-presence-with-new-dubai-license/" target="_blank" rel="follow">a preparatory MVP license
back in September 2022</a>, which came with certain stipulations that the company
had to fulfill to be eligible for full operations.</p><p>The shift
to an operational MVP license signifies that eligible Binance FZE users can
safely convert VA to fiat currency, adhering to Financial Action Task Force
(FATF) compliant standards. </p><p>"Operating
within this regulated ecosystem, we are committed to ensuring secure and
seamless customer migration, with robust Know-Your-Customer and
Customer-Due-Diligence as part of the rigorous onboarding remediation as
stipulated by VARA," Richard Teng, the Head of International Markets at
Binance, highlighted the company's commitment towards ensuring a smooth
transition for its customers.</p><blockquote><p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> FZE, our Dubai-based subsidiary, is the world's first exchange to receive the Operational Minimum Viable Product licence in Dubai.Eligible users can now access regulated virtual asset services, such as fiat on and off ramp services via Binance FZE.More here