Binance Expands Its Reach with Full Crypto License Acquisition in Dubai
Binance Achieves Full Crypto License in Dubai After Co-Founder’s Decision
In a major development, Binance has successfully obtained a comprehensive crypto license in Dubai. This significant milestone was made possible after Binance co-founder Changpeng Zhao agreed to relinquish his voting control at the local level. The Virtual Asset Service Provider (VASP) permit, granted to Binance FZE in Dubai, is a game-changer for the world’s leading digital asset exchange.
Binance’s latest achievement is a big win for the company, especially considering the regulatory challenges it has faced in the past, including a substantial fine in the United States. Despite these obstacles, Binance managed to secure the VASP license from the Virtual Assets Regulatory Authority (VARA) in Dubai, giving the company the opportunity to expand its services in the city and cater to both large businesses and individual traders.
Richard Teng, the CEO of Binance, highlighted the significance of this accomplishment in an interview with Bloomberg. Teng emphasized the company’s commitment to regulatory compliance and its positive relationships with regulators worldwide.
To obtain the full license, Changpeng Zhao had to surrender his voting rights in Binance FZE, adhering to the terms set by US authorities. This strategic shift paved the way for Binance to undergo a thorough review of its products and services by VARA.
Following Zhao’s departure, Richard Teng assumed leadership at Binance. Teng’s tenure is characterized by a strong dedication to regulatory compliance and fostering positive relationships with regulators globally.
Binance’s license in Dubai is a fresh start for the company. While competitors like OKX and Crypto.com already had VASP status in the city, Binance’s license opens doors to a broader customer base. Binance’s Dubai branch has been making significant progress since mid-2023, operating under interim Operational MVP licenses. Now, with the VASP license, Binance can serve retail clients, marking the mainstream adoption of crypto trading in Dubai.
As Binance continues to expand its operations, discussions are underway regarding the selection of its formal headquarters. Richard Teng has proposed considering multiple jurisdictions to serve as a global base for the company.
Also, check out the article “Crypto Regulations in UAE 2024 – Dubai: The Next Crypto Capital?” for more information.
Tags: Binance