Chanpeng Zhao in ecstasy; His successful business in Dubai By CoinEdition

Chanpeng Zhao in ecstasy; His successful business in Dubai

  • Binance CEO posted a tweet regarding the creation of Binance.
  • Zhao talked about the MVP’s planned launch in September 2022.
  • He enthusiastically commented on the approval in principle received by the company.

Changpeng Zhao, the CEO of global blockchain leader Binance, posted a tweet expressing his excitement for the company’s establishment in the Gulf countries.

In September 2022, Binance announced that the company had obtained the Minimum Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA). With this approval, Binance would be able to provide an approved range of virtual asset related services to investors in Dubai for Virtual Asset Service Providers (VASPs).

Binance’s official website announced that the company will hold a “breathtaking Burj Khalifa light show” on September 25, referencing the launch of MVP.

The magnificent light show is said to represent Binance’s celebration of being awarded the MVP license, for being one of the first virtual asset exchanges to be awarded an MVP license by VARA.

In April 2022, Binance received an Approval-in-Principle (IPA) from the Financial Services Regulatory Authority (FSRA) for a financial services license to operate in Abu Dhabi, making it the third regulatory approval in the region. Middle East, after Bahrain and Dubai.

In addition, the company has established its branches and services in Middle Eastern countries. Binance in Dubai has grown into over 300 crypto companies with over 400 employees.

Therefore, the company is invited to operate in different countries. Zhao said inviting more countries would “replicate” the same success in Dubai. He added that it was “just the beginning”.

Authorization in principle to work in Abu Dhabi, Bahrain and Dubai has allowed Binance to operate as a “broker-dealer in virtual assets”. The approval was a step towards establishing the company as a “fully regulated virtual asset service provider”.

Thus, obtaining the license, approval in principle and establishment of the company marked the great success and development of Binance.

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Barbara M. Stokes