Binance Secures Full Crypto License in Dubai
Binance, the world’s leading cryptocurrency exchange, has achieved a significant milestone in its global expansion efforts with the acquisition of a full Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This approval comes after Binance’s Dubai subsidiary, Binance FZE, successfully transitioned from a Minimum Viable Product (MVP) license to a fully operational license.
The full VASP license empowers Binance FZE to offer a comprehensive range of digital asset services to retail, qualified, and institutional investors, solidifying its position as a key player in the UAE’s digital asset landscape. Binance FZE’s General Manager, Alex Chehade, emphasized the license’s significance, highlighting Dubai’s forward-thinking approach towards embracing blockchain technology.
This regulatory milestone underscores Binance’s unwavering commitment to compliance, innovation, and responsible growth in the dynamic digital asset domain. CEO Richard Teng expressed his pride in achieving the full VASP license, emphasizing Binance’s dedication to transparency and regulatory compliance.
However, this achievement was not without its conditions. One requirement for obtaining the license was for Binance’s co-founder and former CEO, Changpeng “CZ” Zhao, to relinquish his voting control within the local unit. This move was necessitated by regulatory authorities’ desire to avoid interference with Binance’s settlement with U.S. authorities, which led to Zhao stepping down from his position.
In addition to regulatory compliance efforts, Binance Holdings has taken steps to strengthen its governance structure. The establishment of a seven-member Board of Directors, led by Gabriel Abed, former Ambassador of Barbados to the UAE, signifies Binance’s commitment to accountability and transparency.
Binance’s success in securing a full crypto license in Dubai reflects its strategic vision to expand its global footprint while adhering to the highest standards of regulatory compliance. With this milestone achieved, Binance is well-positioned to capitalize on the transformative potential of blockchain technology, providing users in Dubai and beyond with access to a diverse range of virtual asset products and services.
