Binance Abandons Pursuit for Abu Dhabi License, Reuters Reports

• Binance Rescinds Bid for Licensing in Abu Dhabi
• Objective of the Licensing Application
• Binance's Presence in the Middle East and North Africa
• Dismissal of Connection to U.S. Legal Settlement
• Binance's Response
• Related News

Binance Rescinds Bid for Licensing in Abu Dhabi

As reported by Reuters, the prominent cryptocurrency exchange, Binance, rescinded its application for a license in Abu Dhabi. The application, which was submitted the prior year, was retracted on November 7th.

Objective of the Licensing Application

The license Binance sought would have given them the ability to oversee a collective investment fund. However, following an evaluation of its global requirements, Binance found the application unnecessary. This clarification was provided by a company representative.

Binance's Presence in the Middle East and North Africa

Binance is a licensed entity in Dubai, which serves as its base for operations in the Middle East and North Africa regions. This was confirmed by Richard Teng, the CEO of Binance, at a Financial Times conference on Tuesday.

Dismissal of Connection to U.S. Legal Settlement

The decision to withdraw the license application has no relation to the legal settlement Binance reached in the U.S. In this settlement, the exchange agreed to remit a $4.3 billion penalty for infringements of anti-money laundering regulations and money transmitter rules.

Binance's Response

As of now, Binance has not issued a response to requests for comments.

Related News

In other news, Binance's Founder, Changpeng 'CZ' Zhao, is confined in the U.S. pending sentencing.

Edited by Jonathan Stoker