- Binance achieved a big regulatory milestone on Thursday.
- One of the exchange’s subsidiaries received a full crypto license.
- The full license came after certain conditions were met.
The world’s leading digital asset exchange by trade volume, Binance, announced Thursday its Dubai entity had secured a full crypto services license from the Virtual Assets Regulatory Authority (VARA).
The third and last level of approval comes almost a year after the Dubai subsidiary, Binance FZE, secured a Minimum Viable Product (MVP) license in July 2023. With VARA’s full nod, the exchange is keen on seizing a new market.
Binance Enters Dubai Retail Market
In an announcement dated April 18, Binance said the VASP license allows its Dubai entity to extend its crypto products and services to the retail market alongside qualified and institutional investors.
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Upon kickstarting operations, Binance FZE will bolster its offerings beyond spot trading and fiat services.
“Rather than simply expand the token selection, users can look forward to a greater variety of exchange services. This landmark global license paves the way for all UAE customers to utilize a regulated platform for a full spectrum of virtual asset products and services.” The announcement read.
Terming it a “prestigious license,” the exchange said the VASP authorization positioned it to transform the crypto market in Dubai and beyond. While this is a big milestone for Binance, the exchange faced challenges on its path to victory.
Kicking CZ Out
While speaking in a Bloomberg Television interview on Thursday, Binance CEO Richard Teng said the exchange obtained the long-sought full VASP license after co-founder Changpeng Zhao “CZ” agreed to surrender voting control in the Dubai entity.
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However, this doesn’t mean CZ is out of the picture yet. Despite receding his voting rights, the crypto mogul remains the ultimate beneficial owner of Binance FZE’s parent company.
Read about Binance’s move to swap its SAFU assets to USDC:
Binance Swaps SAFU Assets to USDC to Bolster “Stability at $1B”
Stay updated on Binance’s troubled executive:
Binance’s Fleeing Exec Traced to Kenya, Extradition in Process
