Binance platform obtains full license to trade virtual assets in Dubai

Binance announced, Cryptocurrency trading platform The world's largest, it has obtained a full Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA). This achievement comes about a year after the platform entered the third phase of the four-stage regulatory process. setting in Dubai.

Extension of Binance platform services to Dubai

according to Data Virtual Asset Regulatory Authority VARA, managed by Binance, through its local unit Binance FZE. was able to obtain a first operational license as a minimum viable product (MVP) in mid-2023. This initial license enabled the platform to offer brokerage and trading services in the area of ​​virtual asset derivatives to qualified and institutional investors.

This was noted by Alex Chehade, general manager Binance Exchange In Dubai, it is important that the platform obtains a full license. Stressing that this highlights Dubai's position as an advanced and forward-looking city, which recognizes and follows the financial potential that blockchain technology holds.

Commitment to transparency and compliance

For his part, Richard Teng, CEO of the Binance platform, commented. “Obtaining this full license reinforces our strong commitment to developing the financial landscape through compliance and innovation. » This achievement illustrates our commitment to transparency, regulatory compliance and responsible growth in the evolving digital asset space.

Binance.. a new governance framework

Reports indicate that obtaining the license was conditional on the resignation of Changpeng Zhao CZ, co-founder and former CEO of Binance. About his control over voting in the Dubai local unit.

It should be noted that CZ Chow is still awaiting sentencing in the United States. Pay the fees Addressed to him by the Ministry of Justice last November. The judgment is expected to be delivered on April 30.

In a related development, almost seven years after the creation of the Binance platform, parent company Binance Holding has established a seven-member board of directors. It is chaired by former Barbados Ambassador to the United Arab Emirates, Gabriel Abed.

The board includes CEO Richard Ting, co-founder Hina Chen, Shen Wang of Bayview Acquisitions and Arno Ventura of Gojo & Company. Alongside two former Binance employees, Li Liai Wang and Jincai.

This step, led by Richard Teng, is part of Binance's efforts to strengthen accountability within the company. Especially after the leadership changes necessitated by recent legal challenges.