Binance Secures Virtual Asset License in Dubai, Demonstrating Commitment to Compliance

Binance Holdings Ltd. has obtained the Virtual Asset Service Provider (VASP) license in Dubai, marking a milestone in its commitment to regulatory compliance. Co-founder CZ's strategic transfer of voting power facilitated the achievement of this crucial license, solidifying Binance's position as a leading crypto exchange dedicated to navigating regulatory complexities and expanding its global presence.

Binance Secures Virtual Asset Service Provider License in Dubai, Demonstrating Regulatory Commitment

Dubai, United Arab Emirates - Binance Holdings Ltd., the world's leading cryptocurrency exchange, has secured a Virtual Asset Service Provider (VASP) license in Dubai, marking a significant milestone in its regulatory compliance journey. This achievement is a testament to the company's unwavering commitment to navigating regulatory complexities and expanding its global presence.

Binance's co-founder, Changpeng Zhao (CZ), played a strategic role in facilitating the acquisition of this crucial license by transferring his voting power, ensuring compliance with regulatory requirements. This move underscores Binance's dedication to adherence and its commitment to responsible and sustainable growth.

Commenting on the license issuance, Richard Teng, Chief Executive Officer of Binance, stated, "This VASP license is a significant milestone for Binance, demonstrating our commitment to compliance and delivering secure and trusted services to our users in the Middle East and beyond. We are honored to have earned the trust and recognition of the Dubai authorities and look forward to contributing to the growth and development of the crypto industry in the region."

Binance's journey towards regulatory compliance began with the acquisition of an Operational MVP license by its Dubai affiliate. This initial license provided a solid foundation for the company's subsequent application for the full VASP license. By meeting Dubai's stringent regulatory standards and making concessions to align with US authorities, Binance has demonstrated its willingness to go above and beyond to ensure regulatory adherence.

Binance's subsidiary in Dubai, Binance FZE, has been operating under Operational MVP licenses, providing a range of services to local users. The acquisition of the VASP license further enhances Binance's ability to offer a comprehensive suite of products and services in the region.

The successful acquisition of the VASP license is a testament to Binance's resilience and adaptability in the face of evolving regulatory landscapes. The company's unwavering commitment to compliance and product expansion underscores its ambition to drive growth and innovation in the crypto industry.

This achievement serves as further validation of Binance's position as the industry leader in regulatory compliance. As the crypto ecosystem continues to mature, Binance remains at the forefront of shaping and adhering to industry standards, ensuring a safe and secure environment for users worldwide.

About Binance Holdings Ltd.

Binance Holdings Ltd. is the parent company of Binance, the world's leading cryptocurrency exchange. Binance was founded in 2017 and has since grown into a global powerhouse, offering a wide range of products and services to users in over 180 countries. Binance is committed to providing a safe, secure, and compliant platform for trading cryptocurrencies.