Binance has announced that it has received a full virtual-asset services provider (VASP) license from Dubai's Virtual Assets Regulatory Authority (VARA). This development follows almost a year after Binance entered the third stage of Dubai's four-stage regulatory process.
Binance's Dubai Unit Expands Services
According to a VARA filing, Binance's local unit, Binance FZE, secured an Operational MVP license in mid-2023. This initial license enabled the exchange to cater to institutional and qualified investors, offering broker-dealer services as well as virtual-asset derivatives trading.
Binance FZE's General Manager, Alex Chehade, emphasized the significance of the full VASP license, stating that it "underlines Dubai's position as a forward-thinking city, acknowledging and embracing the financial potential that blockchain technology brings."
"As we secure the esteemed full market VASP Licence, it notably amplifies our unwavering commitment to advancing the financial landscape through compliance and innovation," the CEO, Richard Teng, said in a statement. "This achievement embodies our dedication to transparency, regulatory compliance, and responsible growth in the dynamic digital assets domain."
Binance CEO Richard Tang tells @VonnieQuinn the digital-asset exchange has received its long-sought full crypto license in Dubai https://t.co/eOXTsmr2NV pic.twitter.com/5ShdRw0Hag
— Bloomberg (@business) April 18, 2024
Reports indicate that one condition attached to the license required Binance's Co-Founder and former CEO, Changpeng "CZ" Zhao, to relinquish voting control within the local unit. CZ currently awaits sentencing in the United States after settling charges with the Department of Justice in November. His sentencing is scheduled for April 30.
#Binance is proud to have received a Virtual Asset Service Provider (VASP) licence from Dubai’s Virtual Assets Regulatory Authority (VARA).This milestone allows us to extend our services to the retail market alongside qualified and institutional investors.Read more ⤵️
— Binance (@binance) April 18, 2024
Binance Implements Governance Structure with Seven-Member Board
Binance Holdings has established a seven-member Board of Directors after nearly seven years since its inception, as reported by Finance Magnates. Gabriel Abed, the former Ambassador of Barbados to the UAE, assumes the role of Chair.
The Board comprises key figures including the CEO, Teng, the Co-Founder, Heina Chen, Xin Wang of Bayview Acquisition Corp, Arnaud Ventura of Gojo & Company, and the former Binance employees, Lilai Wang and Jinkai. This move, spearheaded by Teng, marks a step for Binance towards accountability, following leadership changes prompted by legal challenges.
This article was written by Tareq Sikder at www.financemagnates.com.
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