Crypto Exchange Binance Withdraws Application for Investment Fund License in Abu Dhabi
Crypto exchange Binance has decided to withdraw its application for an investment fund license in Abu Dhabi. The exchange’s BV Investment Management unit voluntarily canceled the application with Abu Dhabi’s Financial Services Regulatory Authority.
A Binance spokesperson stated that they determined the license was not necessary when assessing their global licensing needs. The decision to withdraw the application is unrelated to the recent $4.3 billion settlement with U.S. regulators.
Withdrawal of Licenses Around the World
This year, Binance has withdrawn several license applications worldwide. In April, its Australian financial services license was canceled, and in June, it abandoned its application with German regulator BaFin. It also applied to deregister from Cyprus and exited the Netherlands after failing to secure a VASP license. Additionally, the Belgian regulator ordered Binance to stop offering services in Belgium.
Binance has also exited the Russian market over compliance concerns and stopped onboarding new UK users. In November, access to the exchange was blocked by the Philippines SEC.
Commitment to Regulatory Compliance
Binance remains committed to working with regulators to provide services in the Middle East and beyond. The exchange holds Financial Services Permissions from Abu Dhabi’s Financial Services Regulatory Authority for its units in Abu Dhabi and BV Investment Management. It also holds licenses in Bahrain and Dubai.
The new CEO of Binance, Richard Teng, mentioned at a summit that the company will disclose its global headquarters location “in due course.”
Hot Take: Binance Withdraws Application for Investment Fund License in Abu Dhabi
Binance has decided to withdraw its application for an investment fund license in Abu Dhabi. This move comes as part of Binance’s ongoing efforts to assess its global licensing needs. Despite this withdrawal, Binance remains committed to working with regulators and providing services in the Middle East and other regions. The decision to withdraw the application is unrelated to the recent settlement with U.S. regulators. Binance has also withdrawn license applications in other countries throughout the year. The exchange continues to hold licenses in various jurisdictions, including Abu Dhabi, Bahrain, and Dubai.
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