Binance has reached a significant milestone by receiving a full Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA). This achievement follows nearly a year of progress through the Emirate's comprehensive four-stage licensing process.
This license represents a significant upgrade compared to Binance's previous Minimum Viable Product (MVP) license. CEO Richard Teng said he was proud of this achievement, emphasizing the company's commitment to adhering to stringent regulatory standards to foster financial innovation. Teng emphasized Binance's commitment to transparency, compliance and responsible growth in the dynamic digital assets industry.
Binance FZE, which is responsible for operations in Dubai, was the first to receive the Operational MVP license, which allows it to offer a variety of services such as broker-dealer and virtual asset derivative trading, as well as services for institutional and qualified investors.
Obtaining the full VASP license highlights Dubai's forward-thinking approach to recognizing and embracing the transformative potential of blockchain technology in the financial environment. Binance FZE General Manager Alex Chehade praised Dubai's visionary attitude and acknowledged that the city is open to blockchain innovation.
However, reports suggest that a condition of the license requires Binance co-founder and former CEO Changpeng "CZ" Zhao to give up voting control over the local unit. CZ's ongoing legal proceedings in the US, following its settlement with the Department of Justice in November, add complexity to Binance's regulatory environment. While CZ awaits sentencing, which is scheduled for April 30, both Binance and VARA declined to comment on these circumstances.
As Binance solidifies its position in Dubai's thriving crypto ecosystem, obtaining the full VASP license underscores the company's commitment to regulatory compliance and responsible growth, paving the way for continued innovation and expansion in the region.
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So who will benefit?
Our friends who have not activated the futures section yet, while activating your FUTURES trading section, you will earn 10 dollars when you open it by entering my reference code 88623008.
I EXPLAIN IN DETAIL.
My brothers and sisters who have become a Binance member without reference, please listen carefully;
When you do what I say, you will receive 10 USDT.
Enter the Futures Section from your application,
On the next screen, open your account by entering the code 88623008 in the REFERENCE CODE section,
My brothers and sisters who want to complete this transaction and receive the 10 USDT reward by MAY 1 can do so. After activating your account, all you have to do is open your first futures transaction.
The first 1,000 brothers to open a 200 USDT transaction by MAY 1 will receive a 10 USDT reward.
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WHEN WILL THE AWARD COME?
Your 10 dollar reward will arrive in the REWARDS section of your Binance application within 30 days, starting from May 1st. By activating it from there, you can use your reward of 10 dollars, or more than 300 liras, in futures transactions.
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