Amidst the growing regulatory pressure, leading cryptocurrency exchange by trading volume Binance has moved to withdraw<\/a><\/span>\u00a0its application for an investment fund license from Abu Dhabi authorities.<\/span><\/p>\n BV Investment Management, Binance\u2019s 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<\/a><\/span>. Notably, the registration has been made with Abu Dhabi\u2019s Financial Services Regulatory Authority (FSRA) since November last year.<\/span><\/p>\n <\/p>\n It started in 2022 with the digital asset service provider securing<\/a> t<\/span>he Financial Services Permission (FSP)\u00a0to 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\u2019s standards as defined by the FSRA.<\/span><\/p>\n It is worth noting that the FSP license followed an initial In-Principle Approval (IPA) from the ADGM authority to operate as a broker-dealer in virtual assets. Binance also holds <\/a><\/span>the Operational Minimum Viable Product license in Dubai, the UAE, making it the first crypto exchange to wield such authorization.<\/span><\/p>\n <\/p>\n It provides users with access to regulated virtual asset services on the exchange, such as fiat on-ramp and off-ramp services under Dubai\u2019s Virtual Assets Regulatory Authority (VARA) investor protection and market assurance standards. The exchange has a full license from El Salvador<\/a><\/span>, underscoring how it is not entirely weighed down by regulations.<\/span><\/p>\n <\/p>\n A Binance representative explained that the decision to withdraw the application for the Abu Dhabi license was made after the company assessed its global licensing need and came to the conclusion that the application was not necessary.\u00a0<\/span><\/p>\n Even though this spokesperson claimed that the withdrawal had nothing to do with the recent enforcement action on the exchange and its executives, it is obvious that Binance is going through a turbulent time.\u00a0<\/span><\/p>\n A few weeks ago, the U.S. Department of Justice (DOJ) proposed a settlement<\/a><\/span> term of more than $4.3 billion with Binance. This was to resolve the investigation that had been ongoing for many years. Binance founder Changpeng \u2018CZ\u2019 Zhao got entangled in the mix which eventually led to him pleading guilty<\/a> <\/span>to an anti-money laundering violation charge and vacating his position <\/a><\/span>as the CEO of the exchange.<\/span><\/p>\n <\/p>\n \u2713 Share:<\/p>\n <\/a><\/p>\n <\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n <!– <\/p>\n <\/p>\n <\/a><\/p><\/div>\n<\/p><\/div>\n <\/p>\n <\/a><\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n –><\/p>\n –><\/p>\n Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter<\/a>, Linkedin<\/a> <\/p><\/div>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n <!– <\/p>\nBinance Rethinks 1-Year Abu Dhabi License<\/strong><\/h2>\n
Regulatory Scrutiny Weighs Down Binance<\/strong><\/h2>\n
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