Binance has been granted a comprehensive cryptocurrency license in Dubai, according to CEO Richard Teng in a recent interview. This authorization enables Binance FZE, the local subsidiary of Binance in Dubai, to extend its exchange services to institutional investors, accredited investors, and the general public.
Prior to mid-2023, Binance FZE functioned with Interim Operational MVP licenses. Now, having obtained a new Virtual Asset Service Provider (VASP) license, Binance is authorized to initiate retail cryptocurrency trading in Dubai.
With the arrival of new CEO Teng, Binance obtained a complete regulatory permit in Dubai under CZ Zhao’s succession. This achievement is noteworthy for the firm, given the intense examination it faced in the wake of the FTX collapse.
Based on reliable sources, Zhao was instructed by the Virtual Assets Regulatory Authority (VARA) to relinquish his voting rights in Binance FZE, Binance’s Dubai branch, as a prerequisite for obtaining the VASP license.
Zhao, a co-founder of Binance, admitted to breaking the law by not implementing proper Anti-Money Laundering (AML) measures and resigned as part of an agreement. He will be sentenced on April 30 and could spend up to 18 months in prison.
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2024-04-18 12:36