Binance obtains Dubai VASP license! The price is rumored to be that Changpeng Zhao gives up voting control

This site (120bTC.coM): Binance, the world’s largest cryptocurrency exchange, announced yesterday (18th) that it had obtained the license of a Virtual Asset Service Provider (VASP) in Dubai. Full license.

According to previous reports, Binance subsidiary Binance FZE obtained the local minimum viable product (MVP) license in July 2023. This is also the transitional stage before obtaining the full VASP license. After 9 months After hard work, Binance finally obtained a full VASP license.

Richard Teng, CEO of Binance, also stated in an interview with Bloomberg TV yesterday (18th) that it has obtained a VASP license in Dubai and is in discussions with multiple jurisdictions.

Informed people: Changpeng Zhao gave up voting control of Binance FZE

According to people familiar with the matter, former Binance CEO Changpeng Zhao gave up voting control of Binance’s Dubai subsidiary Binance FZE and said Dubai The final step required by the Virtual Asset Authority (VARA) before granting a VASP license is for Changpeng Zhao to relinquish voting control of Binance FZE, as local officials want to ensure that Dubai does not deviate from Binance’s agreement with U.S. authorities.

However, Changpeng Zhao is still the ultimate beneficial owner of Binance FZE’s parent company in Abu Dhabi.

This time Changpeng Zhao gave up voting control of Binance FZE, which is somewhat similar to his announcement of resigning as CEO of Binance after reaching a settlement agreement with the U.S. Department of Justice in late November last year. In this process, Changpeng Zhao served as the victim, thus helping Binance move forward smoothly on the road to regulatory compliance.

Facing pressure from competitors

On the other hand, before Binance obtained the Dubai VASP license, OKX and Crypto.com, both cryptocurrency exchanges, had already obtained VASP licenses in Dubai. Certificate.

In terms of the NFT market, Binance also plans to terminate support for Ordinals NFT. This move will benefit OKX and Magic Eden, which both operate Bitcoin NFT trading platforms. As for Binance, although it is to simplify the Binance NFT market products, whether it will use cooperation to launch a new Bitcoin NFT trading market in the future is worthy of our attention.

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