Binance has withdrawn its license application in Abu Dhabi. This move signifies a reassessment of its global structure amid increasing regulatory pressures. A Binance official confirmed the withdrawal of the application submitted under the name BV Investment Management to Abu Dhabi’s financial regulator in a statement on Thursday.<\/p>\n
The application, submitted about a year ago and withdrawn on November 7, aimed to obtain permission for the company to manage a collective investment fund. However, according to the regulatory authority’s website, this application has been withdrawn.<\/p>\n
“While evaluating our global licensing requirements, we have decided that this application is not currently necessary.”<\/p><\/blockquote>\n
The Financial Services Regulatory Authority (FSRA)<\/strong> of Abu Dhabi Global Markets<\/strong> has not commented on the matter. Binance founder CZ<\/strong> admitted to violating US anti-money<\/strong> laundering laws in November. He subsequently resigned from his post. The company agreed to pay over $4.3 billion to settle the investigation.<\/p>\n
A Binance spokesperson said the withdrawal of the license application was unrelated to the US deal. The UAE is an important location for Binance because the company has regulatory approvals in Dubai and Abu Dhabi<\/strong>. Last year, Binance, which operates in Dubai, announced that it was helping shape crypto regulations.<\/p>\n
Is Binance Downsizing?<\/h2>\n
According to U.S. court documents, former CEO Zhao is mentioned as a citizen of the UAE. It is known that he owns two properties in Dubai. The new CEO, Richard Teng, announced on Tuesday at a Financial Times conference in London that the company’s regional headquarters for the Middle East and North Africa is located in Dubai. Binance announced its withdrawal from the licensing process in Germany, and it has departed from Cyprus and the Netherlands. The company decided to cease its operations in Belgium but established a Polish entity to serve customers in Belgium in August.<\/p>\n
The decision to leave Cyprus was stated to be a focus on fewer unregulated entities before the implementation of crypto asset regulations in the European Union. Binance revealed that it stopped accepting new users in the UK and would sell its operations in Russia. Additionally, regulators in Australia reportedly canceled the financial services license for its derivatives arm.<\/p>\n
Last week, it was announced that the securities regulatory body in the Philippines initiated the process of blocking Binance. A Binance official emphasized that the company would continue working with regulators to provide “first-class services in the Middle East and beyond.”<\/p>\n
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, please follow us on our Telegram<\/a>, \u00a0<\/a>YouTube,<\/a><\/strong>\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for the latest news and updates.<\/em><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"
Binance has withdrawn its license application in Abu Dhabi. This move signifies a reassessment of its global structure amid increasing regulatory pressures. A Binance official confirmed the withdrawal of the application submitted under the name BV Investment Management to Abu Dhabi’s financial regulator in a statement on Thursday. The application, submitted about a year ago<\/p>\n","protected":false},"author":13,"featured_media":7917,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,2],"tags":[2724,2872,2871],"class_list":["post-7916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exchange-news","category-news","tag-abu-dhabi","tag-binance-license","tag-binance-withdraws-abu-dhabi-license-offer"],"yoast_head":"\n
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