Binance to offer crypto broker-dealer services in Dubai with new license
Binance is now officially allowed to offer crypto services to institutional and qualified retail investors in Dubai. Major cryptocurrency exchange Binance has reached another milestone in relationships with regulators in the United Arab Emirates by winning a new license in Dubai. Binance’s Dubai-based subsidiary, Binance FZE, has obtained the Operational Minimum Viable Product (MVP) license from Dubai's Virtual Asset Regulatory Authority (VARA), the firm announced on July 31. The new license officially allows Binance to operate two activities, including cryptocurrency exchange services and virtual asset broker-dealer services. The services enabled by the license are currently limited to institutional and qualified retail investors in Dubai, Binance noted. Eligible investors in Dubai will now be able to access authorized services like crypto-to-fiat exchange compliant with the intergovernmental Financial Action Task Force (FATF). “Institutions and residents that qualify to use the ...