Binance recently won a full cryptocurrency license in Dubai, the result of a long-sought move by the company. The condition is that Binance co-founder Changpeng Zhao (CZ) agrees to give up voting control of the local entity. Binance CEO Richard Teng confirmed the news in an interview on Thursday.
The register of the Dubai Virtual Assets Regulatory Authority shows that Binance FZE, a local subsidiary of Binance, has held a so-called operating MVP license to provide broker-dealer and exchange services since mid-2023, a transitional phase before obtaining a VASP license.
According to people familiar with the matter, Zhao Changpeng's relinquishment of voting control of the Dubai subsidiary Binance FZE is the last step Binance needs to take before it can obtain the VASP license. Local officials want to ensure that Dubai does not violate Binance's agreement with US authorities.
Informed sources: CZ giving up voting control of Binance FZE is final step towards securing Dubai VASP license
2024-04-19 00:58:42
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