Binance gets Dubai crypto license following CZ’s departure: Report

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In an anticipated development, Dubai granted Binance, the globally prominent cryptocurrency trading platform, the necessary regulatory approval.

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The local entity of Binance, led by CEO Richard Teng, obtained its Virtual Asset Service Provider (VASP) license following Changpeng Zhao’s relinquishment of his voting rights within the exchange.

According to sources who wished to remain anonymous, the Virtual Assets Regulatory Authority (VARA) demanded that Zhao relinquish his voting rights in Binance FZE, the Dubai branch of the cryptocurrency exchange, as a last condition for obtaining a VASP license from VARA.

Obtaining the complete regulatory license is a major triumph for Binance, following intense regulatory examination triggered by the FTX implosion.

In November 2023, Binance reached a $4.3 billion deal with US regulators to resolve allegations that they hadn’t implemented sufficient anti-money laundering (AML) measures, which is against the Bank Secrecy Act.

Zhao, a co-founder of Binance, admitted to breaking the law by not properly implementing required anti-money laundering (AML) procedures and resigned as part of his plea agreement. His sentencing is scheduled for April 30, and he could spend up to 18 months in prison.

This is a developing story, and further information will be added as it becomes available.

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2024-04-18 11:07