Crypto exchange Binance has just finally received the regulatory license it was waiting for in Dubai, Bloomberg has reported.
This virtual asset service provider (VASP) license has been granted after Binance co-founder Changpeng Zhao relinquished his voting power in the Dubai-based platform entity.
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The last requirement for the license was for Zhao to relinquish his voting power, according to sources familiar with the situation. This is a major victory for Binance, as it has faced regulatory scrutiny since the collapse of FTX.
The platform agreed last year to pay a $4.3 billion settlement to US authorities for violating the Bank Secrecy Act with inadequate anti-money laundering protocols.