TechFlow news, according to sources close to the matter, Binance recently obtained a full cryptocurrency license in Dubai on the condition that Binance founder CZ agrees to relinquish voting control over the local entity. Binance CEO Richard Teng confirmed the news during an interview on Thursday. The Dubai Virtual Assets Regulatory Authority’s registry shows that Binance's local subsidiary, Binance FZE, has held an operational MVP license—allowing brokerage, trading, and exchange services—since mid-2023, serving as a transitional phase prior to obtaining the VASP license.
Sources also revealed that CZ’s relinquishment of voting control over Binance FZE, Binance’s Dubai subsidiary, was the final step required before Binance could receive the VASP license. Local officials wanted to ensure Dubai would not undermine the agreement reached between Binance and U.S. authorities.
