Binance Withdraws License Application for Abu Dhabi Investment Fund
Binance determined the application was not necessary "when assessing [its] global needs." The move is unrelated to the exchange's legal settlement in the U.S.
Cryptocurrency exchange Binance has withdrawn its bid for an investment management license in Abu Dhabi, having deemed it unnecessary to the company's "global needs."
The exchange still has an application to offer custody of digital assets to professional clients, according to its website.
"When assessing our global licensing needs, we decided this application was not necessary," a Binance spokesperson said in an emailed statement.
Binance is licensed in Dubai, and that is the company's Middle East and North Africa headquarters, CEO Richard Teng said in an interview for a Financial Times conference on Tuesday.
The decision is unrelated to the exchange's legal settlement in the U.S., where it agreed to pay a $4.3 billion fine for violating anti-money laundering and money transmitter rules.
Read More: Binance Founder Changpeng 'CZ' Zhao Stuck in U.S. Until Sentencing
UPDATE (Dec. 8, 10:50 UTC): Removes links to Reuters report; adds detail on licensing withdrawal and remaining license application.
Edited by Sheldon Reback.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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