Binance has secured a complete cryptocurrencycurrency license in Dubai. The permit, revealed by CEO Richard Teng in an interview, allows Binance FZE, the renowned cryptocurrencycurrency exchange’s Dubai-based subsidiary, to provide services to institutional, qualified, and retail investors.
Binance obtained a full regulatory license in Dubai under new CEO Teng, following the resignation of Changpeng ‘CZ’ Zhao. This license is a big accomplishment for the corporation, especially given the scrutiny that followed the FTX collapse.
Binance FZE had been operating with temporary Operational MVP licenses from mid-2023. The newly granted Virtual Asset Service Provider (VASP) permission enables Binance to begin retail cryptocurrencycurrency trading in Dubai.”
According to people familiar with the case, the Virtual Assets Regulatory Authority (VARA) compelled Zhao to give up his voting rights in Binance FZE, the exchange’s Dubai-based company, in order to receive the VASP license.
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