The approval has followed a prior Operational MVP license, enabling institutional services and crypto activities.
Changpeng Zhao was reportedly required to forfeit voting control as a condition of the license.
The skyline of Dubai
Binance has announced that it has received a full
virtual-asset services provider (VASP) license from Dubai's Virtual Assets
Regulatory Authority (VARA). This development follows almost a year after Binance
entered the third stage of Dubai's four-stage regulatory process.
Binance's Dubai Unit Expands Services
According to a VARA filing, Binance's local unit, Binance
FZE, secured an Operational MVP license in mid-2023. This initial license
enabled the exchange to cater to institutional and qualified investors,
offering broker-dealer services as well as virtual-asset derivatives trading.
Binance FZE's General Manager, Alex Chehade, emphasized the
significance of the full VASP license, stating that it "underlines Dubai's
position as a forward-thinking city, acknowledging and embracing the financial
potential that blockchain technology brings."
Richard Teng. Source: LinkedIn
"As we secure the esteemed full market VASP Licence, it
notably amplifies our unwavering commitment to advancing the financial
landscape through compliance and innovation," the CEO, Richard Teng, said in a
statement. "This achievement embodies our dedication to transparency,
regulatory compliance, and responsible growth in the dynamic digital assets
domain."
Reports indicate that one condition attached to the license
required Binance's Co-Founder and former CEO, Changpeng "CZ" Zhao, to
relinquish voting control within the local unit. CZ currently awaits sentencing
in the United States after settling charges with the Department of Justice in
November. His sentencing is scheduled for April 30.
Binance Implements Governance Structure with Seven-Member
Board
The Board
comprises key figures including the CEO, Teng, the Co-Founder, Heina Chen, Xin Wang of
Bayview Acquisition Corp, Arnaud Ventura of Gojo & Company, and the former
Binance employees, Lilai Wang and Jinkai. This move, spearheaded by Teng,
marks a step for Binance towards accountability, following leadership changes
prompted by legal challenges.
Binance has announced that it has received a full
virtual-asset services provider (VASP) license from Dubai's Virtual Assets
Regulatory Authority (VARA). This development follows almost a year after Binance
entered the third stage of Dubai's four-stage regulatory process.
Binance's Dubai Unit Expands Services
According to a VARA filing, Binance's local unit, Binance
FZE, secured an Operational MVP license in mid-2023. This initial license
enabled the exchange to cater to institutional and qualified investors,
offering broker-dealer services as well as virtual-asset derivatives trading.
Binance FZE's General Manager, Alex Chehade, emphasized the
significance of the full VASP license, stating that it "underlines Dubai's
position as a forward-thinking city, acknowledging and embracing the financial
potential that blockchain technology brings."
Richard Teng. Source: LinkedIn
"As we secure the esteemed full market VASP Licence, it
notably amplifies our unwavering commitment to advancing the financial
landscape through compliance and innovation," the CEO, Richard Teng, said in a
statement. "This achievement embodies our dedication to transparency,
regulatory compliance, and responsible growth in the dynamic digital assets
domain."
Reports indicate that one condition attached to the license
required Binance's Co-Founder and former CEO, Changpeng "CZ" Zhao, to
relinquish voting control within the local unit. CZ currently awaits sentencing
in the United States after settling charges with the Department of Justice in
November. His sentencing is scheduled for April 30.
Binance Implements Governance Structure with Seven-Member
Board
The Board
comprises key figures including the CEO, Teng, the Co-Founder, Heina Chen, Xin Wang of
Bayview Acquisition Corp, Arnaud Ventura of Gojo & Company, and the former
Binance employees, Lilai Wang and Jinkai. This move, spearheaded by Teng,
marks a step for Binance towards accountability, following leadership changes
prompted by legal challenges.
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
📣 Stay updated with the latest in finance and trading!
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Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24
Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24
🌟 Explore cutting-edge solutions and connect with fintech leaders at FMLS:24!
🌟 Explore cutting-edge solutions and connect with fintech leaders at FMLS:24!
🤝 Meet industry leaders at the premier event for brokers – FMLS:24. Secure your spot today!
🤝 Meet industry leaders at the premier event for brokers – FMLS:24. Secure your spot today!
