Binance Secures Complete Operational Permit For Crypto Services In Dubai
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Binance has revealed that it has obtained a complete virtual-asset services provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This achievement comes nearly a year after the company advanced to the third phase of Dubai’s four-phase regulatory process.
According to data disclosed in a VARA filing, Binance’s subsidiary, Binance FZE, obtained an Operating MVP permit in mid-2023. This initial authorization allowed the exchange to support qualified and institutional investors providing broker-dealer services along with Digital asset derivatives trading.
Binance Seeks To Transform The Digital Assets Landscape
The General Manager of Binance FZE, Alex Chehade, highlighted the importance of the complete VASP license. He stated that it underscores Dubai’s reputation as a forward-looking urban environment, recognizing and embracing the financial opportunities presented by blockchain technology.
The Chief Executive Officer of Binance, Richard Teng said that the company received the esteemed complete market VASP license, which significantly highlights Binance’s dedication to propelling the financial landscape forward through innovation and compliance. He added that this milestone shows that the firm is committed to responsible growth, regulatory compliance, and transparency in the evolving digital assets landscape.
According to reports, one requirement associated with the license demanded Binance’s former Chief Executive Officer and Co-Founder, Changpeng “CZ” Zhao to forfeit voting control in the regional branch. CZ is presently awaiting judgment in the US after reaching an agreement with the Department of Justice last year in November. His judgment is set for April 30th.
Binance Is Committed To Accountability Despite Legal Proceedings
Binance Holdings has formed a Seven-member Directorial Board after almost seven years since its establishment. The previous Ambassador of Barbados to the United Arab Emirates takes on the position of chairman.
The board consists of important figures such as the former Binance employees, Jinkai and Lilai Wang, Arnaud Ventura a member of Gojo & Company, Xin Wang from Bayview Acquisition Corporation, the Chief Executive Officer, Teng, and the Co-Founder, Heina Chen.
This move, led by Teng, represents an advancement for Binance in terms of accountability, in response to leadership shifts prompted by legal proceedings.
Binance is a worldwide company that oversees the most extensive cryptocurrency exchange platform, boasting the highest trading volume for digital currencies. The company was originally situated in China, then transitioned to Japan just before the restriction of cryptocurrency companies by the Chinese government.
The corporation later relocated from Japan to Malta and presently operates without an official company head office. Binance has encountered lawsuits and regulatory challenges throughout its existence.
Due to this, the firm has been prohibited from conducting operations or instructed to halt activities in certain jurisdictions.
