Binance gets Dubai crypto license following CZ’s departure: Report
The full regulatory license could turn the tides for Binance, which has been under intense regulatory scrutiny for at least two years.
Binance, the world’s largest cryptocurrency exchange, received a long-awaited regulatory license in Dubai.
Binance received its Virtual Asset Service Provider (VASP) license after co-founder Changpeng Zhao gave up his voting power in the exchange’s local entity, Binance CEO Richard Teng told Bloomberg on April 18.
The Virtual Assets Regulatory Authority’s (VARA) final requirement for granting the VASP license was for Zhao to give up his voting power in Binance FZE, the Dubai-based unit of the exchange, according to unnamed people familiar with the matter.
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Author: Zoltan Vardai
