Binance, the Cryptocurrency Exchange, Successfully Obtains Complete VASP License in Dubai

CZ, the co-founder of Binance Holdings Ltd., made a strategic decision to transfer his voting power in the local corporation, in order to secure the Virtual Asset Service Provider (VASP) license in Dubai. This achievement marks a significant milestone for Binance, demonstrating their commitment to navigating the complex regulatory landscape and expanding globally. Binance’s Dubai affiliate had previously obtained an Operational MVP license, which was a prerequisite for the full VASP license. This accomplishment highlights the progress made by Binance, solidifying its position as the world’s largest crypto exchange. Clearing Dubai’s VASP licensing requirements was no easy task, as Binance FZE had been operating under Operational MVP licenses since mid-2023. However, relinquishing control of the Dubai business and making other concessions was necessary to obtain the full VASP license and comply with regulatory requirements. Binance, under the leadership of CEO Richard Teng, has demonstrated resilience and adaptability in the face of regulatory challenges, while also strengthening compliance efforts and expanding its product offerings.