Binance recently retracted its application for a license in Abu Dhabi, indicating a reevaluation of its global structure amidst mounting regulatory pressures. The subsidiary, BV Investment Management, withdrew its year-old application on November 7, seeking to oversee a collective investment fund, as disclosed by the financial regulator’s website.
A Binance spokesperson cited a strategic reassessment of their global licensing needs as the reason behind this withdrawal. Although this move coincides with founder Changpeng Zhao stepping down and the recent U.S. settlement, Binance maintains that the decision isn’t directly linked to the resolution of the U.S. investigation.
While the UAE was a significant crypto hub for Binance, this withdrawal is not isolated. The company has seen shifts globally, including withdrawing from Germany and Cyprus, ceasing operations in the Netherlands and Belgium, and facing regulatory hurdles in the UK, Russia, Australia, and the Philippines.
Despite these changes, Binance remains committed to collaborating with regulators to provide top-notch services in the Middle East and beyond. The company’s new CEO, Richard Teng, hinted at announcing the global headquarters’ location soon, but specifics weren’t disclosed during a recent Financial Times conference.
