Binance subsidiary withdraws Abu Dhabi license application; Binance spokesperson: Unrelated to settlement with US Department of Justice

A Binance spokesperson told Reuters that Binance's subsidiary, BV Investment Management, has withdrawn its application submitted to the Abu Dhabi financial regulator.

Binance Withdraws Abu Dhabi License Application

According to Reuters, the application was submitted a year ago and withdrawn on November 7. The purpose of the application was to allow a Binance subsidiary to manage mutual funds.

A spokesperson for Binance stated:

In assessing Binance's global licensing needs, we determined that this application was unnecessary, and the decision to withdraw the license application is "unrelated" to the settlement with the U.S. Department of Justice.

The significance of Abu Dhabi to Binance is undeniable, as Binance has obtained regulatory licenses in Dubai and Abu Dhabi. Last year, Binance also announced plans to recruit over 100 positions in Dubai and assist in shaping cryptocurrency regulations.

According to U.S. court documents, Changpeng Zhao (CZ) owns two properties in Dubai.

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi declined to comment.

A Binance spokesperson emphasized that Binance will continue to collaborate with regulatory authorities to offer world-class services and products in the Middle East and other countries.

Earlier reports confirmed that Binance founder Changpeng Zhao (CZ) is now barred from leaving the U.S. until his sentencing hearing in February next year.

U.S. Court Denies Zhao Changpeng's Return to UAE, CZ Must Await Sentencing in the U.S.