Binance Secures Full Virtual-Asset Services Provider License in Dubai
Binance, the world's largest crypto exchange, has received a full virtual-asset services provider (VASP) license from Dubai's Virtual Assets Regulatory Authority (VARA). The license was granted nearly a year after Binance entered the third stage of the emirate's four-stage process. Binance's local unit, Binance FZE, had previously obtained an Operational MVP license in mid-2023, allowing it to serve institutional and qualified investors and offer broker-dealer and exchange services, including virtual-asset derivatives trading. A condition of the full VASP license was that Binance's co-founder and former CEO, Changpeng "CZ" Zhao, relinquish voting control with the local unit. Zhao is currently in the U.S. awaiting sentencing after settling charges with the Department of Justice in November.
