Binance Secures License in Dubai to Offer More Crypto Services

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. 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.