Binance Withdraws Abu Dhabi License Proposal

Binance has announced the withdrawal of its application for an investment management license in Abu Dhabi, citing the need to reevaluate its global strategy.

Binance Withdraws Investment Management License Application in Abu Dhabi. The exchange stated that this decision was made while reassessing their “global needs,” and clarified that it is not related to legal agreements in the US.

The application, submitted a year ago, would have allowed the firm to manage a collective investment fund. However, this decision, taken on November 7 and also published on the regulatory body’s website, led to the cancellation of the investment license in Abu Dhabi.

“We have decided that this application is not necessary while evaluating our global licensing needs.”

Recently, there have been significant changes in Binance’s management team. The company’s CEO, Changpeng Zhao, left his position and was replaced by Richard Teng. This change came after Zhao pleaded guilty to the charges and agreed to pay $50 million personally and $4.3 billion on behalf of the company.

On the other hand, it is stated that Binance’s decision to withdraw its investment management license in Abu Dhabi does not have a direct connection with these internal events. It was announced that this decision of the company was not related to agreements made with the USA or similar external factors.

Previous Article

El Salvador Introduces Innovative Citizenship Program: Pay with Bitcoin or USDT

Next Article

Kazakhstan Blocked Access to Hundreds of Cryptocurrency Exchanges This Year

Related Posts