Exciting News Alert!
Binance has just secured the coveted Virtual Asset Services Provider (VASP) license from VARA, Dubai’s regulatory authority. This milestone comes after Binance FZE, the local arm, obtained the Operational MVP license last July, allowing it to offer broker-dealer services and virtual-asset derivatives trading to institutional investors.
With the full VASP license now in hand, Binance FZE is poised to expand its offerings and presence in the Dubai financial market. According to Mr. Alex Chehade, Binance FZE’s general manager, this license underscores Dubai's leadership in blockchain and its commitment to enhancing the finance sector.
But that's not all—Binance is making significant changes to its leadership structure in line with regulatory requirements. Co-founder Changpeng “CZ” Zhao relinquished his voting control in the local unit, anticipating potential legal issues in the United States. Additionally, a new seven-member Board of Directors, led by Gabriel Abed, former Ambassador of Barbados to the UAE, has been appointed to oversee compliance and transparency efforts.
Richard Teng, CEO of Binance, sees the state-level license as a testament to the company's dedication to compliance and innovation. He emphasizes the importance of responsible growth and transparent operations in navigating the evolving crypto landscape.
By prioritizing compliance and governance, Binance aims to build trust among users and regulators while continuing to drive innovation in the crypto space. Stay tuned for more updates as Binance continues to shape the future of finance!
