{"id":42904,"date":"2023-08-01T03:33:48","date_gmt":"2023-08-01T07:33:48","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/crypto-exchange-binance-secures-operating-license-in-dubai-heres-the-latest\/"},"modified":"2023-08-01T03:33:49","modified_gmt":"2023-08-01T07:33:49","slug":"crypto-exchange-binance-secures-operating-license-in-dubai-heres-the-latest","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=42904","title":{"rendered":"Crypto Exchange Binance Secures Operating License in Dubai- Here’s the Latest"},"content":{"rendered":"
\n

On Monday, Binance, the world’s largest cryptocurrency exchange, secured the Operational MVP License to operate in Dubai after fulfilling the necessary pre-conditions since obtaining a preparatory license in September 2022.<\/p>\n

Last year, Binance FZE, the Dubai-based subsidiary of Binance, achieved a significant milestone by obtaining Dubai’s Virtual Asset Regulatory Authority (VARA).\u00a0<\/p>\n

This regulatory approval enables Binance FZE to open a domestic bank account to hold clients’ funds locally, operate a crypto exchange, and provide payment and custody services.\u00a0<\/p>\n

However, with the recent progression to an Operational MVP License, eligible users in Dubai can now access authorized services, including safely converting virtual assets to fiat in compliance with VARA-designated standards set by the intergovernmental Financial Action Task Force.<\/p>\n

Binance’s recently obtained operating license in Dubai comes with certain limitations.\u00a0<\/p>\n

The services provided are currently restricted to institutional and qualified retail investors in the region, as per Binance’s announcement.\u00a0<\/p>\n

Eligible investors in Dubai can now access authorized services, including crypto-to-fiat exchanges compliant with the Financial Action Task Force (FATF) guidelines.<\/p>\n

To become a user of Binance in Dubai, an investor must qualify as a “qualified retail client.”\u00a0<\/p>\n

This status requires individuals to be at least 21 years old and possess net liquid assets worth 500,000 United Arab Emirates dirhams ($136,000), supported by documentary proof like bank statements and evidence of funds.<\/p>\n

Additionally, qualified investors must submit valid identification documents, such as passports and visas, proof of a valid UAE address, and contact details.
\u00a0<\/p>\n

Dubai’s Crypto Industry Embraces New Regulatory Framework Amid Global Uncertainty<\/h2>\n

In 2022, Dubai’s crypto industry embraced a new regulatory framework to establish the emirate as a global hub for cryptocurrency and blockchain activities.\u00a0<\/p>\n

The framework aims to provide clarity and security for digital asset issuers and service providers, gaining support from industry players.<\/p>\n

As uncertainty loomed over global crypto markets in 2022, regulators worldwide intensified their efforts to implement safeguards, leaving companies and investors uncertain about the future of cryptocurrencies.\u00a0<\/p>\n

In response, Dubai’s new rules mandated entities planning to offer crypto-related services in the jurisdiction to obtain relevant authorizations and licenses.\u00a0<\/p>\n

The framework includes four compulsory rulebooks for service providers and seven activity-based rulebooks, specifying requirements based on the type of service.<\/p>\n

Binance, the world’s largest cryptocurrency exchange, has made significant progress in Dubai’s four-stage licensing process, clearing three stages and awaiting only the Full Market Product (FMP) license. Binance must fully comply with all regulatory rules to secure the final license.<\/p>\n

This milestone comes after Binance received a provisional MVP license from VARA in March 2022, followed by a preparatory MVP license in September 2022.\u00a0<\/p>\n

In April 2023, VARA requested additional information from Binance to strengthen regulatory measures in Dubai.\u00a0<\/p>\n

Binance promptly provided all the requested information, including compulsory rulebooks related to general operations, compliance, and market conduct requirements.<\/p>\n

While Binance celebrates its success in obtaining the license in Dubai, it continues to face challenges in other markets.\u00a0<\/p>\n

The exchange recently re-entered the Japanese market but encountered regulatory issues in Germany, Austria, Belgium, and the Netherlands.\u00a0<\/p>\n

Additionally, Binance’s U.S. arm is dealing with legal action from regulators due to operating an unregistered exchange.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

On Monday, Binance, the world’s largest cryptocurrency exchange, secured the Operational MVP License to operate in Dubai after fulfilling the necessary pre-conditions since obtaining a preparatory license in September 2022. Last year, Binance FZE, the Dubai-based subsidiary of Binance, achieved a significant milestone by obtaining Dubai’s Virtual Asset Regulatory Authority (VARA).\u00a0 This regulatory approval enables […]<\/p>\n","protected":false},"author":1,"featured_media":42905,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-42904","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nCrypto Exchange Binance Secures Operating License in Dubai- Here's the Latest | iFintechWorld<\/title>\n<meta name=\"description\" content=\"On Monday, Binance, the world's largest cryptocurrency exchange, secured the Operational MVP License to operate in Dubai after fulfilling the necessary\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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