Binance Pulls Applicant’s License Application from the UAE

The cryptocurrency exchange Binance, which gained attention for its deal with the United States, withdrew its application for a license in another nation.

New information suggests that Binance, the biggest cryptocurrency exchange in the world, has decided not to pursue a license in Abu Dhabi.

The decision is in response to the growing regulatory scrutiny that the corporation is facing on a global scale.

After submitting the application one year ago, Binance affiliate BV Investment Management withdrew it via Abu Dhabi’s financial authority on November 7. According to the regulator’s website, the company with this license might manage a collective investment fund.

According to a representative from Binance, the decision was taken after checking the company’s worldwide license requirements and concluding that the application was unnecessary. The FSRA, which oversees the Abu Dhabi Global Market, chose not to comment on the situation.

Following his conviction for violations of US anti-money laundering regulations, Binance founder Changpeng Zhao resigned as CEO last month. This development follows his resignation. A US probe that had been ongoing for years finally found a resolution when the stock exchange paid more than $4.3 billion. The decision to withdraw the license application was unrelated to the deal in the US, according to a Binance representative.

For Binance, the UAE has always been a key location on its path to becoming a digital asset center. The business has Abu Dhabi and Dubai regulatory approvals, and it claimed last year that it was filling over a hundred jobs in Dubai to influence cryptocurrency rules.

At the Financial Times conference in London, the new CEO, Richard Teng, announced that the headquarters of the firm for the Middle East and North Africa is in Dubai.

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