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CZ Relinquishes Control of Binance's Dubai Unit To Secure Critical VASP License in the Emirate (2 minute read)

Binance co-founder, Changpeng “CZ” Zhao, agreed to give up voting control of Binance FZE, the company's Dubai unit, in order to receive a full Virtual Asset Service Provider (VASP) license in Dubai, although he remains the ultimate beneficial owner of the Abu Dhabi-based parent company. This critical license broadens Binance's market reach beyond institutional clients to include retail cryptocurrency trading, positioning it strongly in the Dubai market where competitors like OKX and Crypto.com have already secured similar status. Amidst overcoming substantial regulatory hurdles, including a $4.3 billion settlement with US authorities, the new license represents a pivotal recovery step, with CEO Richard Teng now intensifying efforts to reinforce global regulatory compliance.

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Written by Jon Lira. Connect with him on LinkedIn.

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