Binance Clinches Full Crypto License in Dubai After CZ’s Surrender

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After co-founder CZ ceded control, Binance obtained a full crypto license in Dubai.
CEO of Binance Richard Teng confirms the Virtual Asset Service Provider permit.
VASP license unlocks Binance’s ability to engage in retail cryptocurrency in Dubai.

Binance has finally secured its coveted full crypto license in Dubai, following co-founder Changpeng Zhao’s agreement to relinquish voting control in the local entity Binance FZE. Bloomberg captured this development in a recent publication, citing sources familiar with the situation.

Binance CEO Richard Teng confirmed the news in a Bloomberg Television interview on Thursday that the exchange has obtained a Virtual Asset Service Provider (VASP) permit.

Notably, Binance FZE, the local subsidiary in Dubai, has been operating with Operational MVP licenses for broker-dealer and exchange services since mid-2023, as indicated by the Virtual Assets Regulatory Authority (VARA) register. The Operational MVP designation is an interim stage before obtaining a full VASP license.

One of VARA’s final requirements before granting the VASP license involved Zhao surrendering voting control of the Dubai entity. The reg…

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