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Binance Wins Operational License in Dubai

Binance, the world's largest cryptocurrency exchange, has won a license to operate in Dubai after meeting the pre-conditions since receiving a preparatory license in September 2022, the company announced today. Last year Binance received a Minimal Viable Product (MVP) license from Dubai's Virtual Assets Regulatory Authority (VARA) allowing it to open a domestic bank account to hold clients' funds locally. Dubai has a four-stage licensing process and Binance has now cleared three of those stages, with the license for the Full Market Product (FMP) remaining. Binance's win in Dubai comes as it is scheduled to re-enter Japan and faces setbacks in Germany, Austria, Belgium and the Netherlands.

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