Moving forward on the road to compliance! Binance subsidiary Binance FZE receives official operating license in Dubai

This site (120bTC.coM): Binance, the world’s largest cryptocurrency exchange by trading volume, said that after nearly a year of hard work, its Dubai subsidiary Binance FZE has Obtained a formal Virtual Asset Service Provider (VASP) operating license from the authorities.

Richard Teng, CEO of Binance, said in a statement: “When we receive the esteemed Full Market Product (FMP) license, it significantly enhances our capabilities through compliance, innovation and A strong commitment to advancing the financial landscape. This achievement reflects our efforts to promote transparency, regulatory compliance and responsible growth in the digital asset space."

Obtaining a cryptocurrency license in Dubai requires 4 processes. stage, Binance obtained the "Minimum Viable Product (MVP) Temporary License" and "MVP Preparatory License" in March and September 2022, and obtained the "MVP Operating License" in July last year, allowing the exchange to be eligible provides a range of approved services to clients and corporate clients, including cryptocurrency trading services and cryptocurrency broker-dealer services.

Today’s FMP license allows Binance to provide a variety of products and services to retail customers, including cryptocurrency spot trading, margin trading, and staking.

"Bloomberg" quoted people familiar with the matter as saying that in order to obtain a formal operating license from Dubai, Binance founder Changpeng Zhao (CZ) had to make concessions and give up voting control of the local subsidiary. As of the time of writing, Binance and the Dubai Virtual Asset Regulatory Authority (VARA) had not responded.

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