- Binance lighted Burj Khalifa, the world’s largest building, to celebrate acquiring their MVP License.
- From a few crypto firms last year, Dubai has grown to more than 400+ employees and 300+ crypto firms.
- Now, Binance was offered to replicate their achievement in more countries.
Burj Khalifa, the tallest building in the world, displayed a Binance light show, which represents Binance’s commitment to celebrating its newly acquired Minimal Viable Product (MVP) License from Dubai’s Virtual Assets Regulatory Authority (VARA).
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In a tweet, Changpeng ‘CZ’ Zhao, founder and CEO of Binance, shared the company’s journey to securing the MVP License in the country, along with the 1-minute video of Binance’s light show in the world’s tallest building.
According to Zhao, it all started upon his arrival in Dubai in September last year. The crypto exchange went through several difficulties, including singing MOU with Dubai, forming a task force that will create a crypto regulatory framework, and adjusting to new regulations signed by His Royal Highness Mohammed Bin Rashid Al Maktoum.
By March 2022, Binance was able to acquire the Provisional License to operate in Dubai. The transition to an MVP License from a Provisional License allows Binance to open a client money account with a domestic bank.
Furthermore, authorized customers will now be able to get a hold of services, which includes conversion between virtual assets and fiat, transfer of virtual assets, virtual assets custody and management, token offering and trading services, and crypto payments and remittance services.
“The VARA regime aims to strike an effective balance between value creation and risk mitigation,” His Excellency Helal Saeed Almarri, Chairman of VARA, said they’re pleased to have Binance licensed to operate within VARA MVP Programme. Adding that Binance has been “an active contributor, reinforcing Dubai’s commitment towards creating a next-gen secure ecosystem for this future economy.”
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