Bloomberg, citing informed sources, reported that Binance has obtained the long-awaited full cryptocurrency platform operating license in Dubai through its subsidiary Binance FZE, after founder Zhao Changpeng (CZ) agreed to relinquish voting control over Binance’s local entity in Dubai.
Current CEO Richard Teng confirmed in an interview with Bloomberg TV on Thursday that Binance has obtained the operating license for a Virtual Asset Service Provider (VASP) in the country. The registry of the Dubai Virtual Assets Regulatory Authority (VARA) shows that Binance FZE, the local subsidiary, has held a minimum viable product (MVP) operational license for broker-dealer and trading services since mid-2023. However, the MVP license is only a transitional license obtained before acquiring the full VASP license.
According to sources, one of the final requirements from the Dubai Virtual Assets Regulatory Authority (VARA) before granting the VASP license was for CZ to relinquish voting control over Binance FZE in Dubai, as officials wanted to ensure that Dubai’s regulation would not deviate from the settlement agreement reached between Binance and US authorities.
