Binance, the world’s largest cryptocurrency exchange, has achieved a major milestone after receiving an Operational MVP License from Dubai’s Virtual Assets Regulatory Authority (VARA). This license allows Binance to convert virtual assets to fiat under VARA-designated standards compliant with the intergovernmental Financial Action Task Force, according to a Binance blog.
The license was granted after Binance met the pre-conditions since receiving a preparatory license in September 2020. This is the third stage of a four-stage licensing process, with the license for the Full Market Product (FMP) remaining.
The progression from the Provisional License, granted in 2020, to an Operational MVP License, means eligible users in Dubai will now be able to access authorized services, the blog said.
Binance’s win in Dubai comes as it is scheduled to re-enter Japan and faced setbacks in Germany, Austria, Belgium, and the Netherlands. Binance’s U.S. arm has also been sued by regulators for operating an unregistered exchange.