Bloomberg: CZ giving up voting control of Binance FZE is the final step to obtain Dubai VASP license

Binance recently received a full cryptocurrency license from Dubai, a long-sought result for the company, according to people familiar with the matter. The condition was that Binance founder CZ agreed to give up voting control of the local entity. Binance CEO Richard Teng confirmed the news in an interview on Thursday. The Dubai Virtual Asset Regulatory Authority's register shows that Binance's local subsidiary Binance FZE has held the so-called operating MVP license to provide broker-dealer and exchange services since mid-2023, which is a transitional stage before obtaining a VASP license. People familiar with the matter also revealed that CZ's relinquishment of voting control of the Dubai subsidiary Binance FZE is the last step that Binance needs to take before obtaining a VASP license. Local officials want to ensure that Dubai will not violate the agreement reached by Binance with US authorities. (Bloomberg)