Binance has successfully acquired the comprehensive Virtual Asset Services Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA), marking a significant expansion of its operations within Dubai’s financial market. This milestone follows the Operational MVP license obtained in July 2023, which initially allowed Binance FZE to offer limited services to institutional and qualified investors in the region.
To meet the stringent requirements for the full VASP license, Binance has implemented several changes in its corporate governance structure. Notably, co-founder Changpeng “CZ” Zhao has relinquished his voting rights within the local unit, aligning with broader compliance measures. This adjustment comes as CZ navigates legal challenges in the United States, following a settlement with the Department of Justice in November.
Binance Holdings has introduced a new seven-member Board of Directors. This board, chaired by the former Ambassador of Barbados to the UAE, Gabriel Abed, includes seasoned professionals such as CEO Richard Teng and Co-Founder Heina Chen. Their collective expertise is expected to steer Binance towards greater regulatory compliance and operational responsibility.
Under the leadership of CEO Richard Teng, Binance’s acquisition of the VASP license is seen not only as a commitment to compliance but also as an opportunity to innovate within the financial sector. Teng emphasized the license as a testament to Binance’s dedication to disrupting traditional economic models while fostering responsible growth and maintaining transparent operations.