Binance Founder’s Adopted Home Dubai Tightens Crypto Scrutiny

Dubai is tightening scrutiny of crypto license seekers in the wake of last year’s bankruptcy of digital-asset exchange FTX, requesting additional information from applicants like Binance, people familiar with the matter said.

Officials at Dubai’s Virtual Assets Regulatory Authority have in recent weeks asked Binance to provide more information on its ownership structure, governance and auditing procedures, said the people, who requested anonymity to discuss private deliberations. VARA is requesting similar information from all international companies seeking permits, three of the people said.

Dubai’s stricter approach is a potential headache for Binance Chief Executive Officer Changpeng “CZ” Zhao, ...