Binance, the world’s largest cryptocurrency exchange, received a long-awaited regulatory license in Dubai. 

Binance received its Virtual Asset Service Provider (VASP) license after co-founder Changpeng Zhao gave up his voting power in the exchange’s local entity, Binance CEO Richard Teng, told Bloomberg on April 18.

The Virtual Assets Regulatory Authority’s (VARA) final requirement for granting the VASP license was for Zhao to give up his voting power in Binance FZE, the Dubai-based unit of the exchange, according to unnamed people familiar with the matter.

The full regulatory license signals a significant win for Binance, which has been under regulatory scrutiny since the FTX collapse.

In November 2023, Binance agreed to pay a $4.3 billion settlement to U.S. authorities, to settle federal charges related to a lack of anti-money laundering (AML) protocols, in violation of the Bank Secrecy Act.

Binance co-founder Zhao pleaded guilty to one felony count, namely for failing to maintain adequate AML protocols, and resigned as part of the plea deal. Zhao’s sentencing is set for April 30. He faces up to 18 months in prison.

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This is a developing story, and further information will be added as it becomes available.