Chanpeng Zhao at Ecstasy; His Company Flourishes in Dubai

Chanpeng Zhao at Ecstasy; His Company Flourishes in Dubai

• Binance’s CEO posted a tweet regarding the establishment of Binance.
• Zhao referred to the MVP launch scheduled on September 2022.
• He was enthusiastic in commenting on the in-principle approval received by the company.

Changpeng Zhao, the CEO of Binance, the world’s leading blockchain, posted a tweet expressing his enthusiasm for the establishment of the company in the Gulf countries.

Apr, ADGM in-principle approval.

Today, MVP launch. 400+ employees in Dubai. 300+ crypto companies came to Dubai.

Now invited to replicate this by more countries. Just the beginning.

— CZ Binance (@cz_binance) September 25, 2022

In September 2022, Binance announced that the company has secured the Minimal 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 site announced that the company will be conducting a “breathtaking light show on the Burj Khalifa” on September 25, referring to the launch of MVP.

The magnificent light show would represent Binance’s celebration for attaining 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 In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) for a Financial Services Permission to operate in Abu Dhabi, marking it as the third regulatory approval in the Middle Eastern region, after Bahrain and Dubai.

Furthermore, the company established its branches and services around Middle Eastern countries. Binance in Dubai developed into more than 300 crypto companies with more than 400 employees.

Consequently, the company is invited to function in different countries. Zhao stated that the invitation to more countries would “replicate” the same success in Dubai. He added that it is “just the beginning”.

The in-principle approval to work in Abu Dhabi, Bahrain and Dubai 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, the attainment of the license, in-principle approval, and the establishment of the company marked the grand success and development of Binance.

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