Dubai Authorities Seek Details on Binance’s auditing practices

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Key takeaways:

  • Dubai has made official requests for Binance’s business structure and auditing practices.
  • Officially, it was reported that authorities from the Dubai Virtual Assets Regulatory Authority had asked Binance to do something recently.

Official requests for more information on Binance’s business structure and auditing practices have been made by Dubai, UAE. According to Bloomberg, the request came after organizations applying for a crypto license were subjected to more rigorous crypto scrutiny.

The story also mentions that the requests come after the enormous collapse of FTX last year. Dubai is now trying to make the application procedure for companies like Binance that want cryptocurrency licenses more stringent. The information on its different structural aspects, then.

The last few months have seen some controversy surrounding the biggest cryptocurrency exchange in the world by trading volume. On the other hand, the foreign digital asset sector is embracing comparable changes in regulatory functions as the United States is already engaged in a complete crypto crackdown.

Dubai has asked Binance to provide more details regarding its ownership structure, administration, and auditing procedures. Bloomberg adds that the request comes when prospective crypto license applicants are scrutinized more closely.

Officially, there has been a report that authorities from the Dubai Virtual Assets Regulatory Authority have asked Binance recently to take some action. Those aware of the circumstance claim VARA has also requested more details from the exchange regarding its ownership structure, administration, and editing practices.

According to Bloomberg, Changpeng Zhao, the CEO of Binance, is presently based in Dubai and has “made it the linchpin of expansion in the Middle East” despite ongoing regulatory pressure. On the other hand, the emirate is working to keep embracing innovation while correctly putting in place the required safeguards.

According to recent rumors, the CEO of the cryptocurrency exchange Binance was reportedly being sought out by international law enforcement. The accusations have already been denied by CZ, who also shared a photo of the purportedly phony Red Notice.

Earlier this month, the US Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance and its CEO, Changpeng Zhao, alleging a violation of futures legislation. The SEC and other US authorities are keeping an eye on Binance, which may be one of the reasons Dubai is requesting more information from the largest exchange in the world.

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Deep Dalal
Deep Dalal

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