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Edited by Samiksha at 26-12-2023 12:44 PM
According to reports, Binance, the world's largest cryptocurrency exchange, confirmed on December 7th that it has withdrawn its license application from the Financial Services Regulatory Authority (FSRA) in Abu Dhabi, United Arab Emirates. This decision is attributed to the group's ongoing reassessment of its global business architecture.
BV Investment Management, a subsidiary of Binance, had applied for a license with Abu Dhabi authorities about a year ago to manage collective investment funds. However, the FSRA website indicates that this application was officially withdrawn on November 7th.
A spokesperson for Binance responded on Thursday, stating, "After evaluating the global licensing needs, we deemed this application unnecessary." Binance also emphasized that the withdrawal of the application is unrelated to the legal issues of its founder, Changpeng Zhao, in the United States.
Last month, Changpeng Zhao reached a settlement with U.S. authorities, admitting to violating anti-money laundering laws and subsequently stepping down as the CEO of the group. Binance agreed to pay over $4.3 billion in fines to resolve investigations spanning several years.
Earlier this year, Binance also withdrew its license application in Germany, exited Cyprus, and announced plans to leave the Netherlands. Binance halted accepting new users from the UK and expressed intentions to sell its operations in Russia. Last week, the Securities and Exchange Commission in the Philippines announced the initiation of proceedings to ban Binance in the country. |
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Post time 13-12-2023 12:51:28