Binance Secures VASP License in Dubai, Targets Retail and Institutional Clients

Apr 18, 2024, 09:35 AM

Binance Holdings Ltd. has successfully obtained a full Virtual Asset Service Provider (VASP) license from Dubai's Virtual Assets Regulatory Authority (VARA). This license enables Binance to extend its services to retail clients alongside qualified and institutional investors. The acquisition of the license comes after significant changes within the company, including the departure of former CEO Changpeng Zhao (CZ), who also relinquished voting control of the local entity but remains the ultimate beneficial owner. CEO Richard Teng confirmed the receipt of the license, marking a significant milestone for Binance, especially following the FTX collapse.