Crypto exchange Binance withdrew its application for an Abu Dhabi license as the exchange reassessed its global structure amid global regulatory pressure.
Reports emerged that Binance withdrew the license application it filed in Abu Dhabi. According to Reuters, the Binance unit, called BV Investment Management, pulled the application with the Abu Dhabi Global Market Financial Service Regulatory Authority (FSRA).
Binance Faces Mounting Pressure
Binance spokesperson shared the news, according to Reuters. Binance filed the application a year ago and withdrew it on November 7. The license would have allowed the platform to manage a collective investment fund if granted. The spokesperson for Binance was quoted as saying:
“When assessing our global licensing needs, we decided this application was not necessary.”
The spokesperson further explained the decision to withdraw the application is “unrelated” to the recent US settlement. Binance settled with US regulators, including t
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