Binance, the leading global cryptocurrency exchange, celebrates a significant milestone as it secures a full virtual-asset services provider (VASP) license from Dubai's Virtual Assets Regulatory Authority (VARA). This achievement marks the culmination of a rigorous four-stage approval process, positioning Binance as a key player in Dubai's burgeoning digital assets landscape.

The announcement comes nearly a year after Binance entered the third stage of Dubai's regulatory framework, highlighting the exchange's steadfast commitment to compliance and regulatory transparency. CEO Richard Teng expressed pride in obtaining the esteemed full market VASP license, emphasizing Binance's dedication to driving innovation while adhering to regulatory standards.

Binance's local entity, Binance FZE, initially obtained an Operational MVP license in mid-2023, enabling it to cater to institutional and qualified investors and offer a range of services, including broker-dealer services and virtual-asset derivatives trading. With the acquisition of the full VASP license, Binance FZE is poised to expand its operations and solidify its presence in Dubai's dynamic financial ecosystem.

Alex Chehade, General Manager of Binance FZE, hailed the granting of the full VASP license as a testament to Dubai's progressive approach towards blockchain technology. The license underscores Dubai's recognition of the transformative potential of blockchain and its commitment to fostering innovation in the financial sector.

Notably, the acquisition of the full VASP license necessitated certain conditions, including Binance co-founder Changpeng "CZ" Zhao relinquishing voting control with the local unit. This development underscores Binance's commitment to regulatory compliance and reflects ongoing efforts to align with global regulatory standards.

Despite recent regulatory challenges, including CZ's legal proceedings in the U.S., Binance remains focused on its mission to advance the adoption of cryptocurrencies while upholding the highest standards of integrity and accountability. With the full VASP license in hand, Binance is poised to play a pivotal role in shaping Dubai's digital assets landscape and driving responsible growth in the crypto industry.