Binance gets full VASP licence in Dubai

Binance has secured a licence to operate as a virtual-asset service provider (VASP) in Dubai, enabling the exchange to extend its services to retail traders.

Binance gets full VASP licence in Dubai

According to the Dubai Virtual Assets Regulatory Authority (VARA), Binance’s Dubai-based division, Binance FZE, obtained licence in mid-2023 to work with institutional and qualified investors, and to offer broker-dealer and exchange services, including virtual-asset derivatives trading.

Before granting the VASP licence, the Dubai regulator demanded to fulfil several conditions, one of which was the transfer of control of the Dubai division to new management. Former CEO Changpeng Zhao relinquished his role to Richard Teng. Following the resolution of this matter, the parties conducted a comprehensive review of the products that the company will offer in Dubai. Meanwhile, Changpeng Zhao maintains his position as the ultimate beneficial owner of Binance FZE.

Richard Teng emphasised the significance of securing a full VASP licence as a testament to Binance’s dedication to adhering to regulatory standards, promoting transparency, and upholding responsibility within the digital asset sphere.

Binance FZE General Manager Alex Chehade underscored Dubai’s strategic stance as a forward-thinking city leveraging blockchain technology’s financial capabilities.

In recent announcements, Richard Teng disclosed ongoing discussions with regulators across various jurisdictions regarding the opening of the exchange’s headquarters. He highlighted the importance of assessing multiple factors, including crypto taxation and legal frameworks, in reaching a decision. Notably, previous negotiations were conducted with the UAE regulator.

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