Chanpeng Zhao in Ecstasy; His company is thriving in Dubai by CoinEdition

Chanpeng Zhao in Ecstasy; His company is booming in Dubai
  • The CEO of Binance has posted a tweet regarding the creation of Binance.
  • Zhao mentioned the MVP’s scheduled launch in September 2022.
  • He was excited to comment on the initial approval the company received.

Changpeng Zhao, CEO of Binance, the world’s leading blockchain company, tweeted his enthusiasm for establishing the company in the Gulf countries.

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

The official Binance website announced that the company will be holding a “spectacley light show on the Burj Khalifa” on September 25, referring to the launch of the MVP.

A great light show will mark Binance’s celebration of the MVP license, being one of the first virtual asset exchanges to get the MVP license from VARA.

In April 2022, Binance obtained Initial Approval (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 Middle East, after Bahrain and Dubai.

Moreover, the company has established its subsidiaries and services all over the Middle East countries. Dubai-based Binance has grown into more than 300 crypto companies with over 400 employees.

Thus, the company is invited to operate in different countries. Zhao said the invitation to more countries would “repeat” the same success in Dubai. It was “just the beginning,” he added.

Initial approval to operate in Abu Dhabi, Bahrain and Dubai allowed Binance to act 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 licence, initial approval, and incorporation of the company is a huge success and development for Binance.

Chanpeng Zhao’s job at Ecstasy; His company thriving in Dubai first appeared in the Coin Edition.

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