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After a long-awaited process, Binance, the world’s leading cryptocurrency exchange, has finally received its Virtual Asset Service Provider (VASP) license in Dubai. This significant development comes after extensive efforts by Binance CEO Richard Teng and the regulatory authorities.
The Virtual Assets Regulatory Authority (VARA) has granted Binance the VASP license following a crucial step taken by co-founder Changpeng Zhao. As per the regulatory requirements, Zhao relinquished his voting power in Binance FZE, the local entity of the exchange based in Dubai.
This regulatory approval marks a pivotal moment for Binance, especially amid increased scrutiny and regulatory challenges in the cryptocurrency space. The exchange’s commitment to compliance and regulatory standards has been highlighted through this achievement.
Binance’s journey to regulatory compliance has not been without obstacles. In the aftermath of the FTX collapse, the exchange faced intensified regulatory scrutiny. In response, Binance reached a historic $4.3-billion settlement with U.S. authorities in November 2023, addressing concerns related to Anti-Money Laundering (AML) protocols.
Co-founder Changpeng Zhao’s role in the settlement has been significant. He pleaded guilty to a felony count for the lack of adequate AML protocols and stepped down from his position within the exchange as part of the agreement. Zhao’s sentencing is scheduled for April 30, with potential repercussions that could include up to 18 months of imprisonment.