Binance Holdings Ltd. has achieved a significant milestone by securing the Virtual Asset Service Provider (VASP) license in Dubai. This accomplishment highlights Binance’s commitment to navigating the complex regulatory landscape while expanding its global presence.
To ensure compliance and facilitate the acquisition of the license, Binance co-founder Changpeng Zhao (CZ) strategically transferred his voting power in the local corporation. This move demonstrates Binance’s dedication to meeting legal requirements.
In a recent interview with Bloomberg, CEO Richard Teng confirmed the issuance of the license, underscoring Binance’s position as the world’s largest cryptocurrency exchange. This achievement is a major milestone for Binance and reflects its continued progress and success.
It is worth noting that Binance’s Dubai affiliate had already obtained an Operational Minimum Viable Product (MVP) license, which was a prerequisite for obtaining the full VASP license. This MVP license allowed customers to access regulated virtual asset services in accordance with Dubai’s regulatory criteria.
Obtaining the VASP license in Dubai was no easy task. Binance FZE, the Dubai-based subsidiary, has been providing broker-dealer and exchange services under Operational MVP licenses since 2023. However, relinquishing some control of the Dubai business and making other concessions were necessary steps to obtain the full VASP license. This strategic decision was crucial for meeting regulatory requirements and aligning with agreements made with US authorities.
Binance, under the leadership of CEO Richard Teng, has demonstrated resilience and adaptability in the face of regulatory challenges. The exchange has not only overcome these hurdles but has also strengthened its compliance efforts and expanded its range of products.
In other news, BEFE Coin is making waves in the crypto community.