Blog: Binance Gains MVP License from Dubai’s Virtual Asset Regulator – Finance Magnates

Binance has strengthened its position in the Middle East with a new Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA), the crypto exchange announced on Tuesday.

The new license came after Dubai’s newly formed digital asset regulator granted a provisional license to the crypto exchange earlier in March.

“VARA’s unique operating model is setting a benchmark for the global industry, and this most recent registration is an acknowledgment of our compliance
Compliance

In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a system of checks and balances that prevents fraud and inefficiencies.Additionally, this also ensures cooperation with federal financial regulations with the ultimate goal of protecting the public and provide needed information to governmental agencies to stop fraud, money laundering, and terrorist funding. Compliance in the financial industry offers stability to the markets and serves to protect customers, workers, and taxpayers from ethical threats that are inherited in individual decisions.Many organizations are also obligated to track and store compliance data. This includes all data that is relevant or belongs to a company, brokerage, etc. that can be used for the purpose of implementing or validating compliance or regulatory reporting.Given shifting regulations and the importance of compliance, the use of advanced software is increasingly being implemented to help companies manage their compliance data more efficiently. This cache includes calculations, data transfers, and audit trails.While finance is a globally unified concept, compliance is not. Regulatory compliance varies across both industries and jurisdictions. For example, the financial regulatory structures of one country may be lacking or different in another. Of note, the most tightly regulated jurisdictions in terms of compliance in the forex industry include the United States, United Kingdom or most European Union countries, Australia, New Zealand, Canada, and others.

In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a system of checks and balances that prevents fraud and inefficiencies.Additionally, this also ensures cooperation with federal financial regulations with the ultimate goal of protecting the public and provide needed information to governmental agencies to stop fraud, money laundering, and terrorist funding. Compliance in the financial industry offers stability to the markets and serves to protect customers, workers, and taxpayers from ethical threats that are inherited in individual decisions.Many organizations are also obligated to track and store compliance data. This includes all data that is relevant or belongs to a company, brokerage, etc. that can be used for the purpose of implementing or validating compliance or regulatory reporting.Given shifting regulations and the importance of compliance, the use of advanced software is increasingly being implemented to help companies manage their compliance data more efficiently. This cache includes calculations, data transfers, and audit trails.While finance is a globally unified concept, compliance is not. Regulatory compliance varies across both industries and jurisdictions. For example, the financial regulatory structures of one country may be lacking or different in another. Of note, the most tightly regulated jurisdictions in terms of compliance in the forex industry include the United States, United Kingdom or most European Union countries, Australia, New Zealand, Canada, and others.
Read this Term
and safety processes in the new regulatory framework,” said Binance CEO, Changpeng Zhao.

Now with the MVP license, Binance can offer a range of approved virtual asset-related services to both qualified retail and institutional investors. The exchange can also open a client money
Client Money

Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arrangement is made. Who Owns Client’s Money?When clients transfer complete ownership of money to a firm with the intention of covering present or future, contingent or actual or prospective obligations, that money is no longer seen as client money once it is transferred out of the account to the firm. When a firm acquires full ownership of money through a collateral agreement, the firm has also taken an obligation to repay the client although distributed funds upon agreement completion are not considered to be client money. This transfer of full ownership of money is an example of a title transfer financial collateral arrangement under the Financial Collateral Directive, were once transferred that client’s money is no longer considered client money.Should a firm enter an arrangement with a client where a commission is rebated, those rebates are not considered client money until they become due with the terms of the agreements set forth between both parties. Firms are required to operate with the client’s best interest rule, which means that they are required to act professionally, honestly, and fairly.

Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arrangement is made. Who Owns Client’s Money?When clients transfer complete ownership of money to a firm with the intention of covering present or future, contingent or actual or prospective obligations, that money is no longer seen as client money once it is transferred out of the account to the firm. When a firm acquires full ownership of money through a collateral agreement, the firm has also taken an obligation to repay the client although distributed funds upon agreement completion are not considered to be client money. This transfer of full ownership of money is an example of a title transfer financial collateral arrangement under the Financial Collateral Directive, were once transferred that client’s money is no longer considered client money.Should a firm enter an arrangement with a client where a commission is rebated, those rebates are not considered client money until they become due with the terms of the agreements set forth between both parties. Firms are required to operate with the client’s best interest rule, which means that they are required to act professionally, honestly, and fairly.
Read this Term
account with a domestic bank.

Some of the services it can offer with the license are virtual asset exchange services, crypto-fiat conversions, crypto transfers, custody and management services, along with token offerings. The license will also allow Binance to offer crypto payments and remittance services.

“The VARA regime aims to strike an effective balance between value creation and risk mitigation, enabling open market innovation while assuring protection for the economically vulnerable,” added Chairman of VARA, Helal Saeed Almarri.

The Crypto Hub in the Middle East

VARA was established last March under the Dubai Virtual Asset Regulation Law, aiming to push Dubai into one of the global crypto hubs. The move was successful as several big crypto brands, including Binance, Crypto.com, and Blockchain.com received a license from the jurisdiction.

Binance received the MVP license when the exchange is changing its operational strategies and secured several regulatory licenses. Apart from Dubai, the exchange is now regulated in Italy, France, and Spain.

“Our registration in Dubai is a reflection of the country’s progressive stance on blockchain technology and its willingness to embrace this sector through collaboration,” said Binance’s Dubai General Manager, Alexander Chehade. “We look forward to a continued partnership as we build upon our team and operations in Dubai to roll out additional services, including local banking capabilities and enhanced products.”

Binance has strengthened its position in the Middle East with a new Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA), the crypto exchange announced on Tuesday.

The new license came after Dubai’s newly formed digital asset regulator granted a provisional license to the crypto exchange earlier in March.

“VARA’s unique operating model is setting a benchmark for the global industry, and this most recent registration is an acknowledgment of our compliance
Compliance

In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a system of checks and balances that prevents fraud and inefficiencies.Additionally, this also ensures cooperation with federal financial regulations with the ultimate goal of protecting the public and provide needed information to governmental agencies to stop fraud, money laundering, and terrorist funding. Compliance in the financial industry offers stability to the markets and serves to protect customers, workers, and taxpayers from ethical threats that are inherited in individual decisions.Many organizations are also obligated to track and store compliance data. This includes all data that is relevant or belongs to a company, brokerage, etc. that can be used for the purpose of implementing or validating compliance or regulatory reporting.Given shifting regulations and the importance of compliance, the use of advanced software is increasingly being implemented to help companies manage their compliance data more efficiently. This cache includes calculations, data transfers, and audit trails.While finance is a globally unified concept, compliance is not. Regulatory compliance varies across both industries and jurisdictions. For example, the financial regulatory structures of one country may be lacking or different in another. Of note, the most tightly regulated jurisdictions in terms of compliance in the forex industry include the United States, United Kingdom or most European Union countries, Australia, New Zealand, Canada, and others.

In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a system of checks and balances that prevents fraud and inefficiencies.Additionally, this also ensures cooperation with federal financial regulations with the ultimate goal of protecting the public and provide needed information to governmental agencies to stop fraud, money laundering, and terrorist funding. Compliance in the financial industry offers stability to the markets and serves to protect customers, workers, and taxpayers from ethical threats that are inherited in individual decisions.Many organizations are also obligated to track and store compliance data. This includes all data that is relevant or belongs to a company, brokerage, etc. that can be used for the purpose of implementing or validating compliance or regulatory reporting.Given shifting regulations and the importance of compliance, the use of advanced software is increasingly being implemented to help companies manage their compliance data more efficiently. This cache includes calculations, data transfers, and audit trails.While finance is a globally unified concept, compliance is not. Regulatory compliance varies across both industries and jurisdictions. For example, the financial regulatory structures of one country may be lacking or different in another. Of note, the most tightly regulated jurisdictions in terms of compliance in the forex industry include the United States, United Kingdom or most European Union countries, Australia, New Zealand, Canada, and others.
Read this Term
and safety processes in the new regulatory framework,” said Binance CEO, Changpeng Zhao.

Now with the MVP license, Binance can offer a range of approved virtual asset-related services to both qualified retail and institutional investors. The exchange can also open a client money
Client Money

Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arrangement is made. Who Owns Client’s Money?When clients transfer complete ownership of money to a firm with the intention of covering present or future, contingent or actual or prospective obligations, that money is no longer seen as client money once it is transferred out of the account to the firm. When a firm acquires full ownership of money through a collateral agreement, the firm has also taken an obligation to repay the client although distributed funds upon agreement completion are not considered to be client money. This transfer of full ownership of money is an example of a title transfer financial collateral arrangement under the Financial Collateral Directive, were once transferred that client’s money is no longer considered client money.Should a firm enter an arrangement with a client where a commission is rebated, those rebates are not considered client money until they become due with the terms of the agreements set forth between both parties. Firms are required to operate with the client’s best interest rule, which means that they are required to act professionally, honestly, and fairly.

Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arrangement is made. Who Owns Client’s Money?When clients transfer complete ownership of money to a firm with the intention of covering present or future, contingent or actual or prospective obligations, that money is no longer seen as client money once it is transferred out of the account to the firm. When a firm acquires full ownership of money through a collateral agreement, the firm has also taken an obligation to repay the client although distributed funds upon agreement completion are not considered to be client money. This transfer of full ownership of money is an example of a title transfer financial collateral arrangement under the Financial Collateral Directive, were once transferred that client’s money is no longer considered client money.Should a firm enter an arrangement with a client where a commission is rebated, those rebates are not considered client money until they become due with the terms of the agreements set forth between both parties. Firms are required to operate with the client’s best interest rule, which means that they are required to act professionally, honestly, and fairly.
Read this Term
account with a domestic bank.

Some of the services it can offer with the license are virtual asset exchange services, crypto-fiat conversions, crypto transfers, custody and management services, along with token offerings. The license will also allow Binance to offer crypto payments and remittance services.

“The VARA regime aims to strike an effective balance between value creation and risk mitigation, enabling open market innovation while assuring protection for the economically vulnerable,” added Chairman of VARA, Helal Saeed Almarri.

The Crypto Hub in the Middle East

VARA was established last March under the Dubai Virtual Asset Regulation Law, aiming to push Dubai into one of the global crypto hubs. The move was successful as several big crypto brands, including Binance, Crypto.com, and Blockchain.com received a license from the jurisdiction.

Binance received the MVP license when the exchange is changing its operational strategies and secured several regulatory licenses. Apart from Dubai, the exchange is now regulated in Italy, France, and Spain.

“Our registration in Dubai is a reflection of the country’s progressive stance on blockchain technology and its willingness to embrace this sector through collaboration,” said Binance’s Dubai General Manager, Alexander Chehade. “We look forward to a continued partnership as we build upon our team and operations in Dubai to roll out additional services, including local banking capabilities and enhanced products.”

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