Binance CEO Richard Teng Confirms Full Crypto License Acquisition in Dubai
Binance Secures Full Crypto License in Dubai
Binance has achieved a significant regulatory triumph by obtaining a complete cryptocurrency license in Dubai. This achievement was made possible after Binance co-founder Changpeng Zhao agreed to relinquish voting control in the local entity. The Virtual Asset Service Provider (VASP) permit acquired by Binance FZE in Dubai is a momentous milestone for the world’s largest digital asset exchange.
A Momentous Achievement for Binance!
Interestingly, Binance has been granted the VASP license by the Virtual Assets Regulatory Authority (VARA), despite facing regulatory challenges and a substantial fine in the United States. This license enables Binance to offer a broader range of services in Dubai, facilitating cryptocurrency trading for both large enterprises and individual investors. In an interview with Bloomberg, Binance’s CEO Richard Teng emphasized the significance of this accomplishment for Binance’s strategic plans.
The Acquisition of the License
Obtaining the full license required Zhao to relinquish his voting rights in Binance FZE, thereby ensuring compliance with the terms agreed upon with US authorities. With this matter resolved, Binance conducted a comprehensive review of its products and services in accordance with VARA’s regulations.
Following Zhao’s departure, Richard Teng assumed leadership at Binance, working diligently to ensure the company adheres to all regulatory requirements and collaborates effectively with regulators worldwide. This demonstrates Binance’s strong commitment to operating within the legal framework of the cryptocurrency industry.
A Fresh Start in Dubai
While competitors such as OKX and Crypto.com had already obtained VASP status in Dubai, Binance’s license opens doors to a broader customer base in the emirate. Since mid-2023, Binance’s Dubai branch has been making significant progress, operating under interim Operational MVP licenses. These licenses served as a stepping stone towards achieving full regulatory compliance. Now, with the acquisition of the VASP license, Binance can expand its services to cater to retail clients, marking the commencement of mainstream cryptocurrency trading in Dubai.
As Binance continues to expand its operations, discussions are underway regarding the selection of a formal headquarters. Teng has proposed exploring various jurisdictions to serve as a global base for the company’s activities.
Tags: Binance