Binance continues to expand in the Middle East
The exchange has received an MVP licence from Dubai’s regulator after prior approval
The document gives the company ample scope to offer cryptocurrency products
On Tuesday, 20 September, cryptocurrency exchange Binance announced that it is preparing a new suite of products for customers in the Emirates. The company has received an MVP licence to provide digital asset services from the Dubai Virtual Assets Regulatory Authority (VARA).
The site had previously received a provisional approval in March this year. The MVP license enables Binance to market a range of cryptocurrency products.
In particular, the company has been allowed to open domestic bank accounts for customers. Binance can also offer cryptocurrency storage services in the local market and act as a payment contractor.
But perhaps most importantly, the ability to officially convert virtual assets into fiat and back. This will allow local Binance users to withdraw cryptocurrency directly.
In an official press release, the exchange stressed how important this move is for it. Especially since the site has never received a license in Japan and the UK.
However, the exchange was still able to move forward with global legalisation. This year, Binance was registered in Kazakhstan, France and Spain.