Binance FZE, the Dubai-based subsidiary of the world’s biggest cryptocurrency exchange by trading volume, has received a licence to provide exchange and broker-dealer services in Dubai from the emirate’s Virtual Assets Regulatory Authority.
The operational minimum viable product licence will allow Binance FZE to provide services to qualified retail and institutional investors from its Dubai office, the company said on Monday.
The operational MVP licence will help qualified Binance FZE users “to access the authorised services, including the ability to safely convert virtual assets to fiat with strong Financial Action Task Force-compliant standards”, it said.
UAE residents and global consumers using Binance FZE will benefit from “heightened investor protection and market assurance standards customised for the virtual asset sector”, the company said.
“We are honoured to be the first exchange to be granted an operational MVP licence by Vara – a result of over a year of due diligence, collaboration and demonstration of responsible intent – that now allows us be able to leverage the potential of a progressive regulatory framework, enabling innovation while furthering user protection,” Richard Teng, head of international markets at Binance, said.
An MVP is an early version of a service that can be released to determine market fit and gather feedback. It precedes full market product (FMP) status, according to Vara’s website.
Securing an operational licence is the third and final step in Vara’s MVP process, following the preparatory and provisional stages.
It grants virtual asset service providers permission to conduct activities in seven categories, according to Vara’s website.
Dubai adopted a law to regulate virtual assets to provide investors a safe environment while embracing emerging technologies as interest in them grows.
Vara was established by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, in March 2022 under the Dubai Virtual Asset Regulation Law, the first law of its kind in the emirate.
The body aims to create an advanced legal framework to protect investors and provide international standards for virtual asset industry governance to enable responsible business growth.
Dubai’s Vara had issued a preparatory MVP licence to Binance last September, which mandated conditions to be met in order to be authorised for operations.
“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,” Alexander Chehade, Binance Dubai’s general manager, said.
It has been a tumultuous 12 months for the global cryptocurrency sector, which is only now emerging from a “crypto winter” after the collapse of a number of large platforms including Celsius, Three Arrows Capital and Sam Bankman-Fried’s FTX, which filed for bankruptcy in the US on November 11.
The collapse of FTX, once valued at $32 billion, is the highest-profile cryptocurrency exchange failure to date, after traders pulled $6 billion from the platform in three days and Binance abandoned a rescue deal, Reuters reported at the time.
Bitcoin was trading at about $29,283 on Sunday afternoon.
In May, Bitcoin climbed above the $30,000 mark for the first time since June 2022, but is still down more than 50 per cent from its record high of more than $68,000 in November 2021.
Authorities in the US, including the Securities and Exchange Commission and the Commodities Futures Trading Commission, have charged Binance with securities law breaches and misuse of customer funds.
In February, Binance admitted that it had “gaps” in its compliance with US regulations and said the company was likely to pay a fine to settle investigations.
Killing of Qassem Suleimani
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Killing of Qassem Suleimani
McIlroy's recent struggles
Last six stroke-play events (First round score in brackets)
Arnold Palmer Invitational Tied for 4th (74)
The US Masters Tied for 7th (72)
The Players Championship Tied for 35th (73)
US Open Missed the cut (78)
Travellers Championship Tied for 17th (67)
Irish Open Missed the cut (72)
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KILLING OF QASSEM SULEIMANI
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The flights: South African Airways flies from Dubai International Airport with a stop in Johannesburg, with prices starting from around Dh4,000 return. Emirates can get you there with a stop in Lusaka from around Dh4,600 return.
The details: Visas are available for 247 Zambian kwacha or US$20 (Dh73) per person on arrival at Livingstone Airport. Single entry into Victoria Falls for international visitors costs 371 kwacha or $30 (Dh110). Microlight flights are available through Batoka Sky, with 15-minute flights costing 2,265 kwacha (Dh680).
Accommodation: The Royal Livingstone Victoria Falls Hotel by Anantara is an ideal place to stay, within walking distance of the falls and right on the Zambezi River. Rooms here start from 6,635 kwacha (Dh2,398) per night, including breakfast, taxes and Wi-Fi. Water arrivals cost from 587 kwacha (Dh212) per person.
FIGHT%20CARD
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Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
COMPANY%20PROFILE
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ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
if you go
The flights Fly Dubai, Air Arabia, Emirates, Etihad, and Royal Jordanian all offer direct, three-and-a-half-hour flights from the UAE to the Jordanian capital Amman. Alternatively, from June Fly Dubai will offer a new direct service from Dubai to Aqaba in the south of the country. See the airlines’ respective sites for varying prices or search on reliable price-comparison site Skyscanner.
The trip
Jamie Lafferty was a guest of the Jordan Tourist Board. For more information on adventure tourism in Jordan see Visit Jordan. A number of new and established tour companies offer the chance to go caving, rock-climbing, canyoning, and mountaineering in Jordan. Prices vary depending on how many activities you want to do and how many days you plan to stay in the country. Among the leaders are Terhaal, who offer a two-day canyoning trip from Dh845 per person. If you really want to push your limits, contact the Stronger Team. For a more trek-focused trip, KE Adventure offers an eight-day trip from Dh5,300 per person.
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Killing of Qassem Suleimani
If you go
The flights Etihad (www.etihad.com) and Spice Jet (www.spicejet.com) fly direct from Abu Dhabi and Dubai to Pune respectively from Dh1,000 return including taxes. Pune airport is 90 minutes away by road.
The hotels A stay at Atmantan Wellness Resort (www.atmantan.com) costs from Rs24,000 (Dh1,235) per night, including taxes, consultations, meals and a treatment package.
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