Aiying reported that on April 4, Bloomberg quoted people familiar with the matter as saying that Binance recently obtained a comprehensive cryptocurrency license from Dubai, which is the result of the company's long-sought efforts. The condition is that Binance founder CZ agrees to give up voting control of the local entity. Binance CEO Richard Teng confirmed the news in an interview on Thursday.
The Dubai Virtual Asset Regulatory Authority's register shows that Binance's local subsidiary Binance FZE has held a so-called operational MVP license to provide broker-dealer and exchange services since mid-2023, a transitional stage before obtaining a VASP license.
CZ’s relinquishment of voting control of Binance FZE, a Dubai-based subsidiary, is the final step before Binance can obtain a VASP license, according to people familiar with the matter. Local officials want to ensure that Dubai does not renege on an agreement reached between Binance and U.S. authorities.