The world's largest cryptocurrency exchange, Binance, announced that it has received a full virtual-asset services provider (VASP) license from Dubai's Virtual Assets Regulatory Authority (VARA).

This comes almost a year after the exchange entered the third phase of Dubai's four-stage licensing process.

CEO Richard Teng expressed his commitment to compliance and innovation, stating that the full market VASP license strengthens their dedication towards advancing the financial industry. He also mentioned that this achievement reflects their focus on transparency, regulatory compliance, and responsible growth in the digital assets market.

According to a VARA filing, Binance's local unit, Binance FZE, had previously obtained an Operational MVP license in mid-2023. This allowed them to cater to institutional and qualified investors, offering broker-dealer and exchange services, including virtual-asset derivatives trading.

General Manager Alex Chehade stated that the full VASP license showcases Dubai's progressive approach towards embracing the potential of blockchain technology in the financial sector. It was reported that one condition of the license was for Binance's co-founder and former CEO, Changpeng "CZ" Zhao, to relinquish voting control of the local unit.

CZ, who is currently in the U.S. awaiting sentencing after settling charges with the Department of Justice, is expected to be sentenced on April 30.