Binance FZE Becomes the First Virtual Asset Exchange to Secure Operational MVP License from VARA

The upgrade from a Provisional License received in 2022 to an Operational MVP License means that suitably qualified Binance FZE users can now access authorized services, including the ability to convert VA to Fiat with strong FATF compliant standards.

This move will benefit UAE residents and global consumers who come on board through this entity, as they will receive enhanced investor protection and market assurance standards tailored to the VA sector, as mandated by VARA for all licensed regulated VA services offered in and from Dubai.

Alexander Chehade, Binance Dubai’s General Manager, stated: “The last few years have cemented Dubai as a global virtual asset hub and we are excited to be a witness to that growth as we build on our operations here, with continued commitment to market and investor security. With this operational MVP license, all users onboarded through this platform can expect access to a trusted and regulated service that prioritizes security alongside compliance with highly specialized, tier 1 VA regulations under VARA. This milestone achievement is one step closer to providing even more users with access to our services and we are excited about the continued work in this space.”