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Binance Withdraws Abu Dhabi Investment Fund Licence Application
Crypto exchange Binance has withdrawn its application for an investment fund license in Abu Dhabi.
The exchange’s BV Investment Management unit withdrew the application with Abu Dhabi’s Financial Services Regulatory Authority yesterday, according to the regulator’s website. The license would have permitted Binance to manage a collective investment fund in the country.
“When assessing our global licensing needs, we decided this particular licence, held by BV Investment Management Limited for the management of a collective investment fund, was not necessary and therefore voluntarily applied to cancel it,” a Binance spokesperson told Decrypt.
Speaking to Reuters, a Binance spokesperson said noted that the decision was “unrelated” to its $4.3 billion settlement with U.S. regulators.
Binance has withdrawn a number of license applications around the world this year. In April it had its Australian financial services license canceled, while in June it abandoned its application with German regulator BaFin, applied to deregister from Cyprus and exited the Netherlands after failing to secure a VASP license in the country. That same month, it was ordered by the Belgian regulator to stop offering exchange and custody wallet services in the country.
In September, Binance exited the Russian market over compliance concerns, selling its business in the country to newly launched crypto exchange CommEX. A month later, Binance announced that it would stop onboarding new UK users, while in November the Philippines SEC announced that it was blocking access to the exchange.
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2 min read
Stephen GravesDec 5, 2023
“We remain committed to continuing our work with regulators to provide world-class services and offerings in the Middle East and beyond,” a Binance spokesperson told Decrypt.
Per its website, Binance holds Financial Services Permissions from Abu Dhabi’s Financial Services Regulatory Authority for its Binance (AD) Limited and BV Investment Management units. Binance also holds a Category 4 Crypto-Asset Service Provider license in Bahrain, as well as a Virtual Asset Service Provider license in Dubai, where the exchange’s Middle East headquarters is located, according to its new CEO Richard Teng.
Speaking at the FT Crypto Winter Summit, Teng declined to disclose where the Binance’s global headquarters is located, stating that the company would reveal the information “in due course.”
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