Binance Secures License in Dubai to Offer More Crypto Services

The exchange had previously secured a license to offer limited crypto exchange products and services to qualified investors in Dubai.

Sep 20, 2022 at 11:21 a.m. UTC

Updated Sep 20, 2022 at 2:56 p.m. UTC

CDCROP: Dubai (Kent Tupas/Unsplash) — Binance has secured a license to offer a range of crypto services in Dubai. (Kent Tupas/Unsplash)

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

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Crypto exchange Binance has secured a license from Dubai's Virtual Asset Regulatory Authority to offer a range of crypto-related services in the city, according to a Tuesday announcement.

With the new Minimal Viable Product license, the world's largest crypto exchange by volume can open a domestic bank account to hold clients' funds locally, operate a crypto exchange and offer payments and custody services, according to the press release.
Binance received in-principle approval for the MVP license from the Dubai regulator back in March, the press release said.
In March, the exchange was also granted a Virtual Asset License in Dubai that allowed it to "extend limited exchange products and services" to qualified investors.
The exchange has been aggressively pursuing regulatory approval in the Middle East, with a special focus in the Unites Arab Emirates. In April Binance got provisional approval to operate as a broker-dealer in virtual assets in UAE's capital, Abu Dhabi.
Binance has been trying to attain global regulatory approval after facing a series of set-backs. The exchange faced scrutiny from regulators in the U.K. and Japan last year. This year, the exchange was blocked in Uzbekistan and Israel.
Binance also received approval to operate in Kazakhstan, France and Spain this year.
Dubai's VARA did not immediately respond to a request for comment when contacted by CoinDesk.

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