.binance has won an operational license to operate in Dubai, clearing the third of four hurdles to gain complete operational license in the city. By amitoj.
from Dubai's Virtual Assets Regulatory Authority allowing it to open a domestic bank account to hold clients' funds locally, operate a crypto exchange and offer payments and custody services.
"The progression from the Provisional License, granted in 2022, to an Operational MVP License, means eligible users in Dubai will now be able to access authorized services, including the ability to safely convert virtual assets to fiat under VARA-designated standards compliant with the intergovernmental Financial Action Task Force," a Binance blog said.
Dubai has a four-stage licensing process and Binance has now cleared three of those stages, with the license for the Full Market Product remaining, expected after a demonstration of compliance with all the rules.
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