The post Binance Secures Full Crypto License in Dubai, Expands Reach appeared first on Coinpedia Fintech News
In a significant win, Binance has secured a comprehensive crypto license in Dubai. This milestone comes after Binance co-founder Changpeng Zhao agreed to give up voting control locally. The Virtual Asset Service Provider (VASP) permit granted to Binance FZE in Dubai marks a pivotal moment for the world’s leading digital asset exchange.
A Big Win For Binance!
Despite previous regulatory hurdles and a hefty fine in the US, Binance clinched the VASP license from the Virtual Assets Regulatory Authority (VARA) in Dubai. This allows Binance to broaden its services in Dubai, catering to both big businesses and individual traders. Richard Teng, Binance’s CEO, emphasized the significance of this achievement in an interview with Bloomberg.
Strategic Shift
To obtain the full license, Changpeng Zhao had to relinquish his voting rights in Binance FZE, aligning with terms set by US authorities. With this hurdle cleared, Binance underwent a thorough review of its products and services by VARA.
Following Zhao’s departure, Richard Teng took the helm at Binance. Teng’s leadership is characterized by a strong commitment to regulatory compliance and positive relationships with regulators worldwide.
Read More: Binance to Resume India Operations After $2M Fine
A New Start in Dubai
While competitors like OKX and Crypto.com already had VASP status in Dubai, Binance’s license opens doors to a wider customer base. Binance’s Dubai branch has been making strides 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, discussions are ongoing regarding its formal headquarters. Richard Teng has proposed exploring multiple jurisdictions to serve as a global base for the company’s operations.
Also Check Out: Crypto Regulations in UAE 2024 – Dubai: The Next Crypto Capital?
