Bloomberg, citing anonymous sources, reported that Binance’s subsidiary in Dubai, Binance FZE, has obtained the long-awaited license to operate a full-fledged cryptocurrency platform in Dubai, after its founder, CZ, agreed to relinquish voting control over Binance’s local entity in Dubai.
Richard Teng, the current CEO, confirmed in an interview with Bloomberg TV on Thursday that Binance has obtained the operating license for a Virtual Asset Service Provider (VASP) in the country. The registration records of the Dubai local subsidiary, Binance FZE, show that it has held a Minimum Viable Product (MVP) operational license for broker-dealer and trading services since mid-2023. However, the MVP license is only a transitional license obtained before acquiring the full VASP license for a complete virtual asset platform.
According to insiders, one of the final requirements from the Dubai Virtual Assets Regulatory Authority (VARA) before granting the VASP license was for CZ to relinquish voting control over Binance FZE in Dubai. This was done to ensure that the regulatory oversight in Dubai does not deviate from the settlement agreement between Binance and US authorities.
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