Binance FZE, the Dubai arm of world’s largest digital assets exchange Binance, has received its full permit to operate in Dubai following Changpeng Zhao, known as CZ, giving up voting control on the entity.

Bloomberg reported that the licence had been granted and the entity now had its full virtual assets service provider (VASP) licence.

The regulator’s website still shows Binance FZE holding a minimum viable product (MVP) operational licence, but that is expected to be updated following the imminent official announcement from Binance.

Bloomberg cited a Bloomberg television interview with Binance CEO Richard Teng confirming that the licence had been received. 

Binance’s founder and former CEO UAE resident CZ has been denied permission to leave the USA as he awaits sentencing for money laundering charges. He is expected to be sentenced later this month.

The exchange is pressing on with its growth plans, telling Zawya in February it was ‘hopeful’ about seeing cryptocurrencies regulated in Saudi Arabia this year.

(Writing by Imogen Lillywhite; editing by Seban Scaria)