Amidst the growing regulatory pressure, leading cryptocurrency exchange by trading volume Binance has moved to withdraw its application for an investment fund license from Abu Dhabi authorities.
Binance Rethinks 1-Year Abu Dhabi License
BV Investment Management, Binance’s subsidiary in the United Arab Emirates (UAE) decided against pursuing the license to run the Abu Dhabi collective investment fund and therefore, withdrew its filing. Notably, the registration has been made with Abu Dhabi’s Financial Services Regulatory Authority (FSRA) since November last year.
It started in 2022 with the digital asset service provider securing the Financial Services Permission (FSP) to start its crypto custody services in the Abu Dhabi Global Market (ADGM). The FSP license gave Binance access to provide custody services to professional clients in the region if they meet the FSP’s standards as defined by the FSRA.
It is worth noting that the FSP license followed an initial In-Principle Approva
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