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Binance Withdraws Abu Dhabi License Offer

Binance Withdraws Abu Dhabi License Offer

Binance has withdrawn its license application in Abu Dhabi. This move signifies a reassessment of its global structure amid increasing regulatory pressures. A Binance official confirmed the withdrawal of the application submitted under the name BV Investment Management to Abu Dhabi’s financial regulator in a statement on Thursday.

The application, submitted about a year ago and withdrawn on November 7, aimed to obtain permission for the company to manage a collective investment fund. However, according to the regulatory authority’s website, this application has been withdrawn.

“While evaluating our global licensing requirements, we have decided that this application is not currently necessary.”

Abu Dhabi Küresel Piyasanın Finansal Hizmet Düzenleme Otoritesi (FSRA) konuyla ilgili yorum yapmadı. Binance‘in kurucusu CZ, kasımda ABD’nin kara para aklamayı önleme yasalarını ihlal ettiğini kabul etmişti. Ardından görevinden istifa etmişti. Şirket,  soruşturmayı sonuçlandırmak için $4,3 milyar üzerinde bir ödeme yapmayı kabul etmişti.

Binance sözcüsü, lisans başvurusunun geri çekilmesinin ABD anlaşmasıyla ilgisi olmadığını belirtti. BAE, Binance için önemli bir konumda çünkü şirket, Dubai ve Abu Dabi’de düzenleyici izinlere sahip. Geçen yıl Dubai’de faaliyet gösteren Binance, kripto düzenlemelerinin şekillendirilmesine destek olduğunu duyurmuştu.

Is Binance Downsizing?

According to U.S. court documents, former CEO Zhao is mentioned as a citizen of the UAE. It is known that he owns two properties in Dubai. The new CEO, Richard Teng, announced on Tuesday at a Financial Times conference in London that the company’s regional headquarters for the Middle East and North Africa is located in Dubai. Binance announced its withdrawal from the licensing process in Germany, and it has departed from Cyprus and the Netherlands. The company decided to cease its operations in Belgium but established a Polish entity to serve customers in Belgium in August.

The decision to leave Cyprus was stated to be a focus on fewer unregulated entities before the implementation of crypto asset regulations in the European Union. Binance revealed that it stopped accepting new users in the UK and would sell its operations in Russia. Additionally, regulators in Australia reportedly canceled the financial services license for its derivatives arm.

Last week, it was announced that the securities regulatory body in the Philippines initiated the process of blocking Binance. A Binance official emphasized that the company would continue working with regulators to provide “first-class services in the Middle East and beyond.”

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