The major crypto exchange Binance withdrew its licensing application in Abu Dhabi following evaluations for its global needs, suggesting it didn’t need a crypto license in the city. This move is reportedly not related to the legal agreement it has with US institutions.
Crypto License Application Withdrawn on November 7
According to Reuters, Binance, the world’s largest crypto exchange by volume, withdrew its crypto license application in Abu Dhabi. Reuters reported that the license application made last year was withdrawn on November 7. The license application was seen as a strategic move to pave the way for Binance to manage a collective investment fund in the city.
In a statement made to the media by a Binance spokesperson, it was stated that following the evaluation of the global needs of the crypto exchange, it was determined that the crypto license application made in Abu Dhabi was not necessary, and therefore the license application was withdrawn.
The withdrawal of the crypto license application is reportedly unrelated to the US legal agreement under which the crypto exchange agreed to pay a $4.3 billion fine after admitting to accusations of violating anti-money laundering laws.
New Binance CEO Had Commented on License Issue
Richard Teng, who took over the seat vacated by Binance founder Changpeng Zhao, who resigned from his CEO position after admitting to accusations of violating anti-money laundering laws in the US, commented on the license applications during an interview at the Financial Times Conference on Tuesday. Teng stated that the crypto exchange’s Middle East and North Africa center is in Dubai.
Teng stated in his interview that the crypto exchange already has a crypto license in Dubai and that the company’s Middle East and North Africa center is here.