Binance has announced that it has received a full
virtual-asset services provider (VASP) license from Dubai’s Virtual Assets
Regulatory Authority (VARA). This development comes nearly a year after Binance
entered the third stage of Dubai’s four-stage regulatory process.

According to a VARA filing, Binance’s local unit, Binance
FZE, secured an Operational MVP license in mid-2023. This initial license
enabled the exchange to cater to institutional and qualified investors,
offering broker-dealer services as well as virtual-asset derivatives trading.

Binance FZE General Manager Alex Chehade emphasized the
significance of the full VASP license, stating that it “underlines Dubai’s
position as a forward-thinking city – acknowledging and embracing the financial
potential that blockchain technology brings.”

Richard Teng. Source: LinkedIn

“As we secure the esteemed full market VASP Licence, it
notably amplifies our unwavering commitment to advancing the financial
landscape through compliance and innovation,” the CEO, Richard Teng said in a
statement. “This achievement embodies our dedication to transparency,
regulatory compliance, and responsible growth in the dynamic digital assets
domain.”

Reports indicate that one condition attached to the license
required Binance’s Co-Founder and former CEO, Changpeng “CZ” Zhao, to
relinquish voting control within the local unit. CZ currently awaits sentencing
in the United States after settling charges with the Department of Justice in
November. His sentencing is scheduled for April 30.

Binance has announced that it has received a full
virtual-asset services provider (VASP) license from Dubai’s Virtual Assets
Regulatory Authority (VARA). This development comes nearly a year after Binance
entered the third stage of Dubai’s four-stage regulatory process.

According to a VARA filing, Binance’s local unit, Binance
FZE, secured an Operational MVP license in mid-2023. This initial license
enabled the exchange to cater to institutional and qualified investors,
offering broker-dealer services as well as virtual-asset derivatives trading.

Binance FZE General Manager Alex Chehade emphasized the
significance of the full VASP license, stating that it “underlines Dubai’s
position as a forward-thinking city – acknowledging and embracing the financial
potential that blockchain technology brings.”

Richard Teng. Source: LinkedIn

“As we secure the esteemed full market VASP Licence, it
notably amplifies our unwavering commitment to advancing the financial
landscape through compliance and innovation,” the CEO, Richard Teng said in a
statement. “This achievement embodies our dedication to transparency,
regulatory compliance, and responsible growth in the dynamic digital assets
domain.”

Reports indicate that one condition attached to the license
required Binance’s Co-Founder and former CEO, Changpeng “CZ” Zhao, to
relinquish voting control within the local unit. CZ currently awaits sentencing
in the United States after settling charges with the Department of Justice in
November. His sentencing is scheduled for April 30.





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