Binance pulls out of licence application in Abu Dhabi

Binance pulls out of licence application in Abu Dhabi

Global cryptocurrency exchange Binance has withdrawn its licence application from Abu Dhabi Global Market, the main regulator in the UAE capital, but still wants to join an international exchange in Dubai. The troubled crypto operator withdrew its application on November 7, according to the regulator’s website. “While assessing our global licensing needs, we decided this […]

Decided it was ‘not necessary’

Follows CEO stepping down

Still applying for licence in Dubai

Global cryptocurrency exchange Binance has withdrawn its licence application from Abu Dhabi Global Market, the main regulator in the UAE capital, but still wants to join an international exchange in Dubai.

The troubled crypto operator withdrew its application on November 7, according to the regulator’s website.

“While assessing our global licensing needs, we decided this application was not necessary,” a Binance spokesperson told Reuters.

Binance scandal won’t rock UAE but clarity is needed

Tax-friendly UAE beckons blockchain businesses

Turkey to regulate crypto market to get off ‘grey list’

Binance applied for the licence a year ago with the Financial Service Regulatory Authority of Abu Dhabi Global Market, under its BV Investment Management unit. 

Its spokesperson said the application withdrawal was unrelated to the firm’s recent settlement with the US government over allegations of breaking anti-money laundering rules.

Former Binance CEO Changpeng