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Binance Gets Full Dubai Permit After Zhao Cedes Control of Unit
Binance Holdings Ltd. received its long-sought full crypto license in Dubai after co-founder Changpeng “CZ” Zhao agreed to give up voting control in the local entity, according to people with knowledge of the matter. The world’s biggest digital-asset exchange got a Virtual Asset Service Provider permit in the emirate, Chief Executive Officer Richard Teng confirmed in a Bloomberg Television interview on Thursday. The license is a much-needed win for Binance, which suffered a string of regulatory hits over the past two years that culminated in its agreement to pay $4.3 billion in US penalties in November. Zhao ... (full story)