Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Binance Withdraws License Application for Abu Dhabi Investment Fund

Binance Withdraws License Application for Abu Dhabi Investment Fund

CoindeskCoindesk2023/12/08 09:04
By:Jamie Crawley

Binance determined the application was not necessary "when assessing [its] global needs." The move is unrelated to the exchange's legal settlement in the U.S.

Cryptocurrency exchange Binance has withdrawn its bid for an investment management license in Abu Dhabi, having deemed it unnecessary to the company's "global needs."

The exchange still has an application to offer custody of digital assets to professional clients, according to its website.

"When assessing our global licensing needs, we decided this application was not necessary," a Binance spokesperson said in an emailed statement.

Binance is licensed in Dubai, and that is the company's Middle East and North Africa headquarters, CEO Richard Teng said in an interview for a Financial Times conference on Tuesday.

The decision is unrelated to the exchange's legal settlement in the U.S., where it agreed to pay a $4.3 billion fine for violating anti-money laundering and money transmitter rules.

Read More: Binance Founder Changpeng 'CZ' Zhao Stuck in U.S. Until Sentencing

UPDATE (Dec. 8, 10:50 UTC): Removes links to Reuters report; adds detail on licensing withdrawal and remaining license application.

Edited by Sheldon Reback.



110

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

6 Reasons XRP Price Could Hit $1 This Summer (Opinion)

Many are wondering if XRP can reach $1 anytime soon. Well, here are a few reasons in support.

Cryptopotato2024/07/21 16:55
6 Reasons XRP Price Could Hit $1 This Summer (Opinion)