Binance has obtained a full crypto license in Dubai. The permit, confirmed by CEO Richard Teng in an interview with Bloomberg, allows Binance FZE, the Dubai-based entity of the renowned cryptocurrency exchange, to offer services to institutional, qualified, and retail investors.
Previously, Binance FZE had been operating under an interim operational MVP license since mid-2023. The newly acquired Virtual Asset Service Provider (VASP) permit allows Binance to start retail crypto trading in Dubai.
Under new CEO Teng, following Changpeng ‘CZ’ Zhao’s departure, Binance secured a full regulatory license in Dubai. This license is a significant victory for the company, especially after facing scrutiny following the FTX collapse.
According to sources familiar with the matter, the Virtual Assets Regulatory Authority (VARA) required Zhao to abandon his voting power in Binance FZE, the exchange’s Dubai-based unit, to obtain the VASP license.
Zhao, a co-founder of Binance, pleaded guilty to one felony count for failing to maintain adequate anti-money laundering (AML) protocols and resigned as part of a plea deal. His sentencing is scheduled for April 30, and he faces up to 18 months in prison.
In the past year, countries from India to Belgium have taken steps to stop Binance from operating locally without the requisite approvals. However, Binance today announced its plan to re-enter India after paying a $2 million fine.
Also Read: Binance Converts $1 Billion SAFU Fund to USDC for Stability.
