The world’s largest cryptocurrency exchange Binance has announced that it has obtained a comprehensive license as a virtual asset service provider (VASP) from Dubai.
Binance had entered the third stage of the four-stage licensing process of the Virtual Assets Regulatory Authority (VARA) in Dubai over a year ago.
Binance CEO, Richard Teng, commented, “This success is a living example of our commitment to transparency, legal compliance, and responsible growth in the dynamic field of digital assets.”
Binance FZE, the Dubai branch of Binance had received the MVP license as a business in mid-2023, enabling the company to offer cryptocurrency services to corporate and qualified investors.
Alex Chehade, the General Manager of Binance FZE, stated that the comprehensive license demonstrates the significance of Dubai as a forward-thinking city.
According to information from Bloomberg, one of the conditions offered by Dubai officials to grant Binance this license was that the former CEO, Changpeng Zhao, would not have a say in the management of Binance FZE.
