Binance Acquires Crypto License in Dubai Following CZ Exit

Binance Acquires Crypto License in Dubai Following CZ Exit

Binance exchange star is on the rise. Binance received a registration license to operate in Dubai after the CZ departure.

According to media reports, the regulatory license will enable the firm to have immunity against the regulatory persecution that the firm has been subjected to for the last two years. The biggest trading platform in terms of trading volume has finally completed the acquisition of the regulatory license in Dubai.

The firm is now a Virtual Asset Service Provider (VASP) after CZ forfeited his voting power in the local entity. The matter was disclosed to Bloomberg in 18th April report by insiders. The VARA or Virtual Assets Regulatory Authority conditioned the firm for Zhao to let go of his voting power in Binance FZE.

Current CEO Richard Teng confirmed the acquisition of the registration license; he further stated that the condition for CZ to give up his voting power was based on speculation.

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He claimed that the firm refrains from commenting on rumors circulating in mass media. However, the dealing with consumers is a confidential matter for the firm. Binance has marked the acquisition of a full regulatory license as a major win for the firm.

The firm noticed that the event signals the end of the long scrutiny period that followed the firm everywhere since the catastrophic collapse of the FTX exchange.

Binance signed a $4.3 billion settlement deal with US authorities and settle federal charges that alleged the firm of conducting Anti-Money Laundering violation and breaching the Bank Secrecy Act.

CZ pleaded guilty to one felony charge that postulated that the firm was unable to implement proper AML protocols. On account of these violations, CZ is also to attend a sentencing hearing on 30th April. He could potentially face 18 months behind bars.

The VARA officials seemingly wanted to distance themselves from CZ on account of his ongoing clash with US officials. These legal troubles forced Zhao to step down from his position as Binance CEO.

VARA also directed Zhao to cede his voting powers in Dubai FZE. Afterwards, Zhao eventually gave up his vote privileges. VARA adopted stringent outlook at product and services offerings from Binance FZE as per insiders.

Binance Gets Full Trading License in Dubai

Alex Chahade, the general manager at Dubai Binance noticed that gaining the full trading license in the region sets the stage for future successes of Binance exchange. Binance is working with the senior leaders of the UAE and established the region as a focal point for Web 3.0 technology.

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The firm noticed that the region is working on expanding upon from fossil fuel alternatives and view digital asset technology as a driver of the expected change.

Binance introduced Megadrop program which is a platform that combines airdrops and loyalty program quests. The program is classified as an early access incentive and reward system for Web 3.0 benefactors with a focus on airdrops and quests.

The program is called Megadrop which works as a token Launchpad that allows users to subscribe BNB with locked products or complete task in Web 3.0 wallets to earn rewards from selected projects.

Binance to Launch Megadrop Opportunity

Megadrop is a loyalty-based program that intends to reward users based on participation. The users on the platform get opportunities to stake their BNB reserves before the launch of new projects.

The details of the Launchpad were mentioned in detail in a new Binance blog post. The post refrained from specifying how the quests worked but they involved performing engagement tasks such as viewing educational videos about Web 3.0 products and signing-up for newsletters.

Features of Megadrop

Megadrop has some important unique features that set it apart from programs such as Coinbase Earn. Binance has incentivized its users to engage in long-term participation with early access privileges. Megadrop rewards continue to increase as user participation in events extended over longer durations.

The blog post noticed that longer subscriptions yield higher scores. Users are set to receive Web 3.0 Quest Bonuses and Web 3.0 Quest Multiplier when they complete all the delegated tasks with minimum specified requirements.

Author: Isacco Genovesi

Isacco writes news articles, reviews and guides about cryptocurrencies including technical analysis, blockchain events, coin prices marketcap and detailed reviews on crypto exchanges and trading platforms.

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