According to a blog post by Binance, the company has made significant progress in Dubai's licensing process. Starting with the Provisional License granted in 2022, Binance has now obtained an Operational MVP License. As a result, eligible users in Dubai will have access to authorized services, which include the secure conversion of virtual assets to fiat in compliance with the standards set by VARA and the Financial Action Task Force (FATF). Dubai follows a licensing process with four stages, and Binance has successfully completed three of them. The remaining stage is obtaining the Full Market Product (FMP) license. To achieve this, Binance must demonstrate full compliance with all regulations and requirements.
This announcement was made by the company on Monday. In the previous year, Binance had received a Minimal Viable Product (MVP) license from Dubai's Virtual Assets Regulatory Authority (VARA). This license allowed the exchange to establish a domestic bank account for storing clients' funds within the country, operate a cryptocurrency exchange, and provide payment and custody services.