Binance FZE, the Dubai-based subsidiary of the global cryptocurrency exchange Binance, has received a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA).

This significant development follows the initial issuance of the Minimum Viable Product (MVP) license in July 2023 and signifies a substantial advancement for Binance’s operations in the region.

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With the transition from an MVP to a VASP license, Binance FZE is now authorized to expand its product offerings to the retail market. Among the various digital asset products and services available to customers are spot trading, margin trading, and staking.

Moreover, the exchange has announced its intent to focus on providing a wider range of exchange services rather than simply expanding the token selection.

Alex Chehade, General Manager of Binance FZE, expressed his thoughts on this milestone, stating, “This is a significant achievement that reaffirms our dedication to offering secure, compliant, and high-quality services to our users worldwide. It highlights Dubai’s forward-thinking approach, recognizing and embracing the financial opportunities presented by blockchain technology.”

Binance set to re-enter India after ban by paying $2 million fine

The world’s largest cryptocurrency exchange is preparing to re-enter the Indian market by paying a $2 million fine and registering as a Financial Intelligence Unit (FIU) firm, as reported.

According to CoinDesk, Binance, along with nine other crypto exchanges, was removed from the Apple store in India and effectively banned after India’s Financial Intelligence Unit issued compliance show cause notices to them.

Other firms that received notices at that time included OKX, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex.

Upon paying the fine, Binance will re-enter the Indian market as a registered Financial Intelligence Unit firm and will adhere to the country’s financial regulations and laws.

The report noted that it was “unfortunate that it took (Binance) more than two years to realize there is no room for negotiations, and (that) no global powerhouse can command special treatment, especially at the cost of exposing the country’s financial system to vulnerabilities,” citing a source.

Furthermore, the company will be required to comply with the Prevention of Money Laundering Act (PML Act) and the Virtual Digital Assets (VDA) taxation framework.

The crypto company has recently faced challenges in several countries due to allegations that its platform was used for money laundering and other inappropriate financial practices.

In response to these claims, the CEO Changpeng Zhao stepped down, paving the way for a new CEO as part of efforts to rebrand the firm.