Binance Drops Application for the Management of an Investment Fund in Abu Dhabi
Binance has reportedly decided not to obtain a license to operate a collective investment fund in Abu Dhabi.
The exchange’s subsidiary in the United Arab Emirates, called BV Investment Management, withdrew its application from the Abu Dhabi Financial Services Regulatory Authority in November.
A spokesperson for Binance stated that the decision was made while assessing their global licensing needs and was not related to their recent settlement with the US government for allegedly violating anti-money laundering laws.
In the settlement, Binance and its former CEO Changpeng Zhao agreed to pay $4.3 billion in fines. Binance also agreed to appoint an independent monitor for five years to review and assess their compliance with sanctions.
Binance had previously obtained a Financial Services Permission in Abu Dhabi in 2020, which allowed them to provide crypto custody services to professional clients under certain conditions.
