Binance Secures Full Virtual-Asset Services Provider License in Dubai

Binance, the leading global crypto exchange in trading volume, announced that it has received a complete Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This achievement comes about a year after entering the final stage of Dubai’s regulatory process.

With the acquisition of the prestigious full market VASP License, our CEO, Richard Teng, expressed his excitement in a statement, saying, “This significant milestone reinforces our strong commitment to enhancing the financial industry by prioritizing compliance and innovation.” This accomplishment underscores our unwavering dedication to maintaining transparency, adhering to regulations, and fostering responsible growth within the complex digital assets sector.

In the middle of 2023, Binance’s regional subsidiary, Binance FZE, was granted a Operational Minimum Viable Product (MVP) license according to VARA filings. Consequently, they became authorized to cater to institutional and eligible investors, while providing broker-dealer and exchange services such as virtual asset derivatives trading.

In a statement, Alex Chehade, General Manager of Binance FZE, expressed that the acquisition of a complete VASP license underscores Dubai’s progressive stance, recognizing and welcoming the financial benefits blockchain technology offers.

According to Bloomberg’s sources, one requirement of the license agreement was that Binance’s co-founder and ex-CEO, Changpeng “CZ” Zhao, relinquish voting power with the local entity. Zhao is currently in the US, anticipating sentencing following his settlement with the Department of Justice in November. His sentencing is scheduled for April 30th.

By the time of publishing, neither Binance nor VARA had yet to provide comments regarding these conditions.