Finally, Binance obtains crypto license in Dubai. The world’s number 1 CEX has the full operational license as a provider of digital asset services in the famous emirate of the UAE. According to sources close to the matter, one of the conditions for offering Binance this license was that its former CEO Changpeng Zhao relinquish control of Binance’s Dubai branch…
Binance fully regulated in Dubai following negotiations with Changpeng Zhao
Binance is pursuing its compliance efforts across several countries to avoid regulatory problems such as in the USA. According to information from Bloomberg, the world’s largest centralized exchange has finally obtained a full operating license in Dubai. Binance becomes the second crypto exchange to obtain a full operating license in Dubai after its competitor Crypto.com. Both platforms can thus operate in the United Arab Emirates with foreign currencies.
A few months ago, Binance obtained a provisional operating license in Dubai. However, obtaining the full operating license proved a little more complicated. According to sources quoted by Bloomberg, Virtual Assets Regulatory Authority (VARA) demanded that the former CEO of Binance Changpeng Zhao (CZ) renounces his voting rights at the exchange’s Dubai branch.
Dubai’s regulator wanted to ensure compliance last November’s agreement between Binance and the US authorities. This agreement included the resignation of CZ from the management of Binance and the payment of a $4.3 billion fine. In return, the U.S. authorities are expected to allow Binance to continue its activities and only attack CZ. The former CEO is blocked in the United States. He works at implementing its educational project pending sentencing, scheduled for April 30, 2024.
Binance denies rumors of concessions from CZ
The exchange Binance has reacted to allegations that CZ waived voting rights in exchange for Binance obtaining a full operating license in Dubai. The exchange confirms that it has obtained the full operating license in Dubai. However, Binance denies that the granting of this license was conditional on CZ relinquishing control of the local branch of the exchange.
Responding to our Cointelegraph colleagues, the current CEO of Binance stated that Bloomberg’s information was pure media speculation. Richard Teng added that Binance with regulators are confidential and may not be commented on in the media.
That’s pure speculation. Again, we don’t comment on media speculation… Our relationship, our dealings with regulators are confidential.
Richard Teng, CEO of Binance.
Finally, Binance obtains Crypto license in Dubai and it’s great news for the Web3 economy! It’s hard to know whether CZ actually sacrificed its influence so that Binance could be fully regulated in Dubai. However, one thing is certain: Changpeng Zhao remains the majority owner of Binance, including its Dubai branch. From this point of view, giving up the vote to allow his company to progress is a brave and intelligent act. Whether in the USA or Dubai, couldn’t we say that CZ sacrificed himself so that Binance could survive?
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.
