Binance Withdraws Application to Manage Abu Dhabi Investment Fund: Report

Binance, the world’s largest cryptocurrency exchange, reportedly decided not to obtain a license to operate a collective investment fund in Abu Dhabi.

The UAE-based Binance entity, called BV Investment Management, withdrew its application to the Abu Dhabi Financial Services Regulatory Authority in November. The application was withdrawn on November 7, according to the regulator’s website.

“When evaluating global licensing requirements, we determined that this application was not necessary,” a Binance spokesperson told Reuters. “This action is not related to the company’s recent settlement with the U.S. government over alleged violations of anti-money laundering regulations.” “he added.

guilty plea

Last November, Binance and its former CEO Changpeng Zhao pleaded guilty and agreed to pay a $4.3 billion fine to U.S. regulators. Zhao stepped down from his position as CEO and Binance agreed to appoint an independent monitor for five years “whose mandate will include the review and evaluation of Binance’s sanctions compliance program.”

A year ago, Binance secured a financial services license in Abu Dhabi that allows it to offer cryptocurrency custody to professional clients under certain conditions.

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