Binance received a full license in Dubai and planned to return to India

The Dubai government granted Binance Holdings a full VASP license after the ex-CEO of the exchange, Changpeng Zhao, relinquished control of the platform in this jurisdiction. 

This license grants the exchange the authority to carry out various operations with virtual assets, including the exchange between virtual and fiat currencies, as well as the storage and management of cryptocurrencies.

Obtaining this license became possible only after the co-founder of Binance, Changpeng Zhao, agreed to transfer his voting rights to a local organization. Now this right belongs to the Dubai division of Binance FZE.

At the same time, the exchange announced its intention to return to India, paying a fine of $ 2 million. The company is seeking to reform its South Asian division by improving compliance, taxation and anti-money laundering regulations. 

At the end of December 2023, the Financial Intelligence Agency of India accused a number of crypto exchanges, including Binance, of operating without registration and violating financial laws. In January 2024, Apple removed ten foreign trading platforms from the App Store in the country. According to the publication, before the ban was imposed, Binance's share in India was about 90% of the cryptocurrency assets of local investors totaling approximately $4 billion.