Binance Withdraws Abu Dhabi Licence Bid as It Weighs Structure

Binance has withdrawn an application for an Abu Dhabi licence, the latest sign that the giant crypto exchange is reassessing its global structure as regulatory pressures mount.

The Binance unit, called BV Investment Management, pulled the application with Abu Dhabi's financial regulator, a spokesperson for Binance said last week.

The request, filed a year ago and withdrawn on Nov. 7, would have allowed the firm to manage a collective investment fund, according to the regulator's website.

"When assessing our global licensing needs, we decided this application was not necessary," the Binance spokesperson said.

Binance founder Changpeng Zhao stepped down as CEO last month after pleading guilty to breaking U.S. anti-money laundering laws, with the exchange agreeing to pay over $4.3 billion to resolve a years-long U.S. investigation.

The decision to pull the licence application was "unrelated" to the U.S. settlement, the Binance spokesperson said.

The United Arab Emirates (UAE), which has been pushing to become a digital asset hub, has been a key location for Binance. Binance has regulator permissions in Dubai and Abu Dhabi, its website shows.

Binance last year said it was recruiting over 100 positions in Dubai and helping to shape its crypto regulations.

(Source: Reuters)