Dubai Government has issued a full license VASP for Binance Holdings after ex-CEO of the exchange Changpeng Zhao refused control over the platform in the jurisdiction. This is reported by Bloomberg with reference to sources.
Since mid-2023, Binance's local unit FZE has had interim Operational MVP approval to launch broker-dealer and exchange services.
The Dubai Virtual Assets Authority required Zhao to renounce his decision-making rights in the company before issuing the VASP. According to insiders, in this way the authorities wanted to guarantee compliance with the agreements between Binance and the US Department of Justice.
After closing the matter with the founder of Binance, the parties completed due diligence on the products that the exchange intends to offer in Dubai. Zhao remains the ultimate beneficial owner of Abu Dhabi-based Binance FZE.
Back to India
Parallel The Economic Times announced plans for the crypto exchange to return to India by paying a fine of $2 million.
The company is seeking to reform its South Asian division by addressing compliance, tax and anti-money laundering regulations.
At the end of December 2023, the Financial Intelligence Unit of India accused a number of crypto exchanges, including Binance, of operating without registration and violating financial laws. In January 2024, Apple removed ten foreign shopping platforms from the country's App Store.
According to the publication, before the ban, Binance's share in India accounted for about 90% of the cryptocurrency assets of local investors, totaling approximately $4 billion.
On April 30, a court hearing will be held at which a punishment will be chosen for the former CEO of the Binance crypto exchange. Lawyers and politicians discussed the possible verdict.
Zhao was replaced as CEO by Regional Markets Manager Richard Teng. He said earlier this month that the company was in talks with several jurisdictions to open a headquarters.
Source: Cryptocurrency
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