Teng’s Tenacity Pays Off: Binance Secures Full VASP License from VARA

Richard Teng, leading Binance in the wake of regulatory turbulence, has secured a significant victory: the much-anticipated full crypto license from VARA in Dubai. Binance FZE, the Dubai entity of the world’s leading global virtual assets services provider, today announced that it has received the Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA).

This license, subsequent to the previous issuance of the Minimum Viable Product (MVP) License in July 2023, marks a significant milestone for Binance. This achievement comes on the heels of deftly navigating regulatory challenges and steering the company towards growth amidst scrutiny. Amidst the Formation of Binance’s Inaugural Board of Directors, Teng’s strategic maneuvers have not only expanded Binance’s user base but also assuaged regulators, paving the way for this pivotal license acquisition from VARA.

Binance CEO Richard Teng stated, “As we secure the esteemed full market VASP License, it notably amplifies our unwavering commitment to advancing the financial landscape through compliance and innovation. This achievement embodies our dedication to transparency, regulatory compliance, and responsible growth in the dynamic digital assets domain. Furthermore, it bears testimony to the innovative spirit of the UAE, as it continues to embrace the transformative economic implications of blockchain technology for its residents.”

Teng’s strategic initiatives have positioned the company to compete on a level playing field. With this license, Binance can now broaden its services, catering not only to institutional investors but also to retail cryptocurrency traders in the emirate. Teng’s commitment to enhancing compliance measures and fostering constructive relationships with regulators globally has been pivotal in achieving this milestone.

In a recent conversation with Unlock Blockchain, Teng shared insights on the impact of ETFs on crypto exchanges’ Bitcoin holdings, especially in light of the latest announcements from Hong Kong ETFs. He emphasized the positive effect of ETFs in fostering crypto adoption among a broader spectrum of users and institutional investors.

Addressing queries about Binance’s headquarters selection, Teng underscored the complexity of such a decision, highlighting factors like tax regimes, business scope, recruitment opportunities, and taxation agreements such as double taxation agreements. He assured that once decisions are made on these fronts, they will be promptly communicated.

Binance FZE General Manager Alex Chehade said, “This is a major milestone that validates our commitment to providing secure, compliant, and top-tier services to our users. It underlines Dubai’s position as a forward-thinking city – acknowledging and embracing the financial potential that blockchain technology brings.”

Upon initiating operations under the new VASP License, Binance FZE will significantly enhance its current services beyond spot trading and fiat services. This license allows diversifying trading services exclusively for qualified and institutional investors only, where these segments are eligible to engage in margin and derivatives products, including futures and options. Presently, these services are strictly restricted to those that meet the qualified investor criteria.

With discussions underway regarding potential jurisdictions for a global base, Teng’s strategic foresight and adept leadership are set to shape Binance’s trajectory in the evolving landscape of cryptocurrency regulation.