ChainCatcher news, Binance announced that it has obtained a Virtual Asset Service Provider (VASP) license issued by the Dubai Virtual Assets Regulatory Authority (VARA), which applies to the local exchange Binance FZE located in Dubai. All accounts of UAE residents will be transferred from Binance's global exchange to the VARA-regulated Binance FZE exchange.UAE resident users will gradually receive emails requesting them to submit documents and update KYC information before the KYC deadline (December 15, 2024).

ChainCatcher news, citing sources from Bloomberg, reports that Binance has recently obtained a comprehensive cryptocurrency license in Dubai, a long-sought achievement for the company. The condition is that Binance founder CZ agrees to relinquish voting control over the local entity. Binance CEO Richard Teng confirmed this news during an interview on Thursday.The Dubai Virtual Assets Regulatory Authority's registry shows that Binance's local subsidiary, Binance FZE, has held a so-called operational MVP license for providing brokerage and exchange services since mid-2023, which is a transitional phase before obtaining the VASP license.Sources revealed that CZ's relinquishment of voting control over the Dubai subsidiary Binance FZE is the final step Binance needs to take before obtaining the VASP license. Local officials want to ensure that Dubai does not violate the agreement Binance reached with U.S. authorities.

ChainCatcher news, according to the official announcement, Binance's Dubai subsidiary Binance FZE has obtained the Dubai Minimum Viable Product (MVP) license. Currently, eligible users can access regulated virtual asset services through Binance FZE, including fiat deposits and withdrawals.