Binance Licensed To Offer Crypto Services In Dubai

This was confirmed with the news that the company, which runs the world’s biggest crypto exchange, has received a licence to operate as a full virtual-asset services provider (VASP). The licence has been issued by Dubai’s Virtual Assets Regulatory Authority (VARA).

The regulatory process goes through four stages in Dubai, with Binance entering the third stage almost a year ago with its acquisition of an Operational MVP licence. This licence has allowed it to offer crypto services to institutional investors as well as qualified individuals while it awaits its full licence.

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It has been reported that Changpeng Zhao has had to give up voting control as one of the conditions for getting this licence. The co-founder and former CEO is set to be sentenced at the end of this month in the US, where he is facing money laundering charges due to his role in Binance’s operations, in which it is accused of prioritising growth over regulatory issues.

Alex Chehade, Binance FZE’s general manager, pointed out the importance of gaining the full VASP licence. Chehade said that this is a sign of Dubai’s forward thinking as well as the city “acknowledging and embracing the financial potential that blockchain technology brings”.

Binance’s CEO, Richard Teng, stated:

Richard Teng, LinkedIn

This achievement embodies our dedication to transparency, regulatory compliance, and responsible growth in the dynamic digital assets domain…our dedication to transparency, regulatory compliance, and responsible growth in the dynamic digital assets domain.