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Binance secures Dubai cryptocurrency licence after departure of CZ

2024/04/18 16:15

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The world's foremost cryptocurrency trading platform, Binance, has secured a pivotal regulatory license in Dubai. This achievement marks a significant step in the company's ongoing compliance efforts.

Richard Teng, CEO of Binance, disclosed to Bloomberg on April 18 that the exchange was granted the Virtual Asset Service Provider (VASP) license following a major governance reshuffle. This shift involved Changpeng Zhao, the co-founder, relinquishing his voting rights within the company's Dubai-based division, Binance FZE.

The decision by Zhao was the final stipulation set by the Virtual Assets Regulatory Authority (VARA) for the issuance of the VASP license, sources close to the situation revealed.

This regulatory nod comes as a crucial victory for Binance, particularly in the aftermath of the FTX collapse, which heightened scrutiny across the cryptocurrency sector.

In a related development, Binance settled with U.S. authorities in November 2023, agreeing to a $4.3 billion payment to resolve accusations of non-compliance with anti-money laundering standards under the Bank Secrecy Act. Following these charges, Zhao pleaded guilty to a felony related to insufficient AML measures and stepped down from his role, with his sentencing scheduled for April 30. He could face up to 18 months behind bars.

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