Binance Obtains Full VASP License in Dubai, Plans Expansion and Regulatory Compliance
- Binance has secured a full virtual-asset services provider (VASP) license from Dubai's Virtual Assets Regulatory Authority (VARA).
- As part of the VASP license terms in Dubai, Binance's co-founder CZ is required to relinquish voting control within the local branch.
Lately, a lot has been happening with the world's largest crypto exchange by trading volume, Binance — both positive and negative. And in one of the latest developments, Binance has bagged a full virtual-asset services provider (VASP) license from Dubai's Virtual Assets Regulatory Authority (VARA).
#Binance is proud to have received a Virtual Asset Service Provider (VASP) licence from Dubai’s Virtual Assets Regulatory Authority (VARA).
— Binance (@binance) April 18, 2024
This milestone allows us to extend our services to the retail market alongside qualified and institutional investors.
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The VASP license will enable Binance to offer virtual asset services to a wider customer base. Previously, the company operated in Dubai with an operational minimum viable product (MVP) license, which they obtained in July of the previous year.
This MVP license permits companies to offer virtual asset exchange and broker-dealer services specifically to qualified and institutional investors.
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Additionally, Bloomberg reported, citing informed sources, that a stipulation of the license required Binance's co-founder and ex-CEO, Changpeng Zhao (better known as CZ), to relinquish voting control within the local branch.
Meanwhile, Binance plans to reestablish its presence in India by registering with the Financial Intelligence Unit (FIU) and paying a $2 million penalty after previously being barred due to non-compliance.
Edited by Harshajit Sarmah
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