Binance FZE, a division of the Dubai exchange, has been licensed for broker-dealer and exchange services since mid-2023, according to the Virtual Assets Regulatory Authority (VARA) registry.
One of the last steps required by the Dubai regulator before issuing a VASP license was the transfer of control over the management of the local division by the former CEO of the exchange, Changpeng Zhao, to new management in the person of Richard Teng.
Additionally, Binance has removed USDT and TUSD stablecoins from its reserve fund. The entire fund of $1 billion was converted into USDC stablecoin from the American company Circle. The SAFU Insurance Fund was created by Binance to protect customer funds back in 2018. Then the platform announced that the fund would receive 10% of the commissions paid by users.
Earlier, Binance CEO Richard Teng said that he was in talks with regulators in several jurisdictions in which the exchange could open its headquarters.
Source: Bits
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