The world’s largest cryptocurrency exchange, Binance, has withdrawn its application for a crypto license in Abu Dhabi. The decision was made after evaluating global needs, and it was stated that there was no need for a crypto license in the city.
Binance’s license application was made last year and was withdrawn on November 7th. The withdrawal of the application is seen as a strategic move to pave the way for Binance to manage a collective investment fund in the city.
A spokesperson for Binance stated that the withdrawal of the license application was not related to the legal settlement with US institutions. It was emphasized that there was no connection with the US legal settlement in which Binance agreed to pay a $4.3 billion fine for violating anti-money laundering laws.
Following the departure of Binance founder Changpeng Zhao from the CEO position, Richard Teng, who took over the role, commented on the license applications during an interview at the Financial Times Conference on Tuesday.
In the interview, Teng mentioned that the cryptocurrency exchange already has a crypto license in Dubai and that the company’s Middle East and North Africa headquarters are located there.