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

Binance recently obtained a comprehensive cryptocurrency license in Dubai, which is the result the company has been seeking for a long time. The condition is that Binance co-founder Zhao Changpeng (CZ) agrees to relinquish voting control over 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 subsidiary, Binance FZE, has held an MVP license to provide brokerage and exchange services since mid-2023, which is a transitional phase before obtaining the VASP license.

Sources revealed that Zhao Changpeng's relinquishment of voting control over Binance FZE in Dubai is the final step the company needs to take before obtaining the VASP license. Local officials hope to ensure that Dubai will not violate the agreement between Binance and US authorities.

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