Binance Secures Full Crypto License in Dubai, Confirms CEO Richard Teng
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In a major regulatory victory, Binance has obtained a full crypto license in Dubai. This came after Binance co-founder Changpeng Zhao agreed to give up voting control in the local entity. The Virtual Asset Service Provider (VASP) permit obtained by Binance FZE in Dubai marks an important milestone for the world’s largest digital asset exchange.
A Big Win For Binance!
Interestingly, Binance has been given the VASP license by the Virtual Assets Regulatory Authority (VARA), even though it has had problems with regulations and has been hit with a big fine in the US. This license lets Binance offer more services in Dubai, helping big businesses and regular people trade cryptocurrencies. Richard Teng, Binance’s CEO, talked about this in an interview with Bloomberg. He stressed how important this accomplishment is for Binance’s plans.
How They Obtained the Licence
To obtain the full license, one of the key requirements was for Zhao to give up his voting rights in Binance FZE, ensuring alignment with the terms of the agreement reached with US authorities. With this issue resolved, Binance thoroughly reviewed its products and services by VARA.
Since Changpeng Zhao (CZ) stepped down, Richard Teng took the lead at Binance. He’s worked hard to ensure Binance follows all the rules and works well with regulators worldwide. This shows that Binance is serious about following the law in the crypto world.
A New Start in Dubai
While competitors like OKX and Crypto.com had already obtained the VASP status in Dubai, Binance’s license opens doors to a wider customer base in the emirate. Binance’s Dubai branch has been making strides since mid-2023, operating under interim Operational MVP licenses. These licenses were a stepping stone toward full regulatory compliance. Now, with the acquisition of the VASP license, Binance can expand its services to include retail clients, marking the beginning of mainstream crypto trading in Dubai.
As Binance continues its expansion, discussions are ongoing regarding selecting a formal headquarters. Teng has suggested considering multiple jurisdictions to serve as a global base for the company’s operations.
