Binance, the world’s largest cryptocurrency exchange, received a long-awaited regulatory license in Dubai.

Binance received its Virtual Asset Service Provider (VASP) license after co-founder Changpeng Zhao gave up his voting power in the exchange’s local entity, unnamed people familiar with the matter told Bloomberg on April 18.

The Virtual Assets Regulatory Authority’s (VARA) final requirement for granting the VASP license was for Zhao to give up his voting power in Binance FZE, the Dubai-based unit of the exchange, according to unnamed people familiar with the matter.

While Binance's current CEO, Richard Teng, confirmed receiving the license, he said that Zhao giving up his voting power was "pure speculation", in a statement shared with Cointelegraph: