[NEWS] Binance withdraws application for investment fund in Abu Dhabi, the UAE's largest city

On the 7th, cryptocurrency exchange Binance withdrew its investment fund license application to the Abu Dhabi Global Market (ADGM), the financial regulator in Abu Dhabi, United Arab Emirates (UAE). Reuters and other media reported.

According to ADGM, Binance's UAE subsidiary, BV Investment Management, submitted a license application to the Abu Dhabi Financial Services Regulatory Authority in November last year, but withdrew the application on the 7th.

A Binance spokesperson told Reuters, "After evaluating our global licensing needs, we have determined that this application is not necessary. Binance remains committed to working with regulators in the Middle East and elsewhere."

They also emphasized that this measure is unrelated to Binance's settlement with the U.S. government for allegedly violating anti-money laundering regulations.

Last month, Binance and its founder and former CEO CZ (Changpeng Zhao) pleaded guilty. Binance agreed to pay a $4.3 billion fine to US regulators, and CZ stepped down as CEO to take responsibility.

Movements in the UAE

The UAE, which aims to become a digital asset hub, is an important base for Binance. Binance previously obtained regulatory approvals in Dubai and Abu Dhabi as part of its market strategy in the Middle East and North Africa (MENA). It also announced in April last year that it was recruiting more than 100 people in Abu Dhabi.

Binance's new CEO, Richard Teng, said in a speech in London that "the company's Middle East and North Africa headquarters is in Dubai," and that the location of the global headquarters will be announced in the future, but did not disclose the timing of the announcement.

Reference:Reuters
Image: Shutterstock

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