Giant crypto trade platform Binance announced that it received a Minimal Viable Product (MVP) license from the Dubai crypto regulatory watchdog.
Binance is a first-ranked digital assets trade platform, which is known to provide highly secured crypto services for new & pro crypto traders. In terms of 24 hours global trade volume on this platform, the exchange is standing at the first rank in the crypto space. This exchange has a highly talented team, which helps other crypto companies & even government agencies to catch & trace illegal crypto activities.
On 20 September, Binance exchange announced via a new blog post that it received a Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA).
This license will give authority to Binance to provide full crypto services to retail & institutional investors, who are qualified to invest in cryptocurrencies. And also Binance will get full banking services from the Dubai-based banks.
Earlier, in March of this year, Binance successfully received a provisional license to provide limited numbers of crypto services for pre-qualified crypto investors in Dubai. In short, earlier this exchange was restricted to provide only a limited number of services but now it is allowed to go with full services.
“MVP License from a Provisional License received earlier this year means Binance can open a client money account with a domestic bank and provide the following services to qualified customers,” Binance said via blog post.
Binance suspends support for all stablecoins
In the first week of this month, the Binance exchange announced that it will convert all the stablecoins on its platform into Binance’s native stablecoin BUSD.
As per the announcement, Binance will convert USDC, USDP, and TUSD to BUSD on 29 September. This decision of the Binance exchange will help the crypto traders on the platform to enjoy high liquidity of the crypto trade pairs with BUSD.
After 29 September, Binance users will be allowed to deposit & withdraw such stablecoins but that will change into BUSD against crypto assets.