World Crypto Global
- Written by: Tareq Sikder
- Thu, 18 Apr 2024
- Israel
Binance has announced that it has received a fullvirtual-asset services provider (VASP) license from Dubai's Virtual AssetsRegulatory Authority (VARA). This development follows almost a year after Binanceentered the third stage of Dubai's four-stage regulatory process.Binance's Dubai Unit Expands ServicesAccording to a VARA filing, Binance's local unit, BinanceFZE, secured an Operational MVP license in mid-2023. This initial licenseenabled the exchange to cater to institutional and qualified investors,offering broker-dealer services as well as virtual-asset derivatives trading.Binance FZE's General Manager, Alex Chehade, emphasized thesignificance of the full VASP license, stating that it "underlines Dubai'sposition as a forward-thinking city, acknowledging and embracing the financialpotential that blockchain technology brings.""As we secure the esteemed full market VASP Licence, itnotably amplifies our unwavering commitment to advancing the financiallandscape through compliance and innovation," the CEO, Richard Teng, said in astatement. "This achievement embodies our dedication to transparency,regulatory compliance, and responsible growth in the dynamic digital assetsdomain."Binance CEO Richard Tang tells @VonnieQuinn the digital-asset exchange has received its long-sought full crypto license in Dubai https://t.co/eOXTsmr2NV pic.twitter.com/5ShdRw0Hag Bloomberg (@business) April 18, 2024Reports indicate that one condition attached to the licenserequired Binance's Co-Founder and former CEO, Changpeng "CZ" Zhao, torelinquish voting control within the local unit. CZ currently awaits sentencingin the United States after settling charges with the Department of Justice inNovember. His sentencing is scheduled for April 30.#Binance is proud to have received a Virtual Asset Service Provider (VASP) licence from Dubais Virtual Assets Regulatory Authority (VARA).This milestone allows us to extend our services to the retail market alongside qualified and institutional investors.Read more Binance (@binance) April 18, 2024Binance Implements Governance Structure with Seven-MemberBoardBinanceHoldings has established a seven-member Board of Directors after nearlyseven years since its inception, as reported by Finance Magnates. Gabriel Abed, the former Ambassador of Barbados to the UAE, assumes the role of Chair. The Boardcomprises key figures including the CEO, Teng, the Co-Founder, Heina Chen, Xin Wang ofBayview Acquisition Corp, Arnaud Ventura of Gojo & Company, and the formerBinance employees, Lilai Wang and Jinkai. This move, spearheaded by Teng,marks a step for Binance towards accountability, following leadership changesprompted by legal challenges.This article was written by Tareq Sikder at www.financemagnates.com.
