Binance Withdraws License Application for Abu Dhabi Investment Fund

Binance determined the application was not necessary "when assessing [its] global needs." The move is unrelated to the exchange's legal settlement in the U.S.

AccessTimeIconDec 8, 2023 at 9:25 a.m. UTC
Updated Mar 8, 2024 at 6:27 p.m. UTC

Cryptocurrency exchange Binance has withdrawn its bid for an investment management license in Abu Dhabi, having deemed it unnecessary to the company's "global needs."

The exchange still has an application to offer custody of digital assets to professional clients, according to its website.

"When assessing our global licensing needs, we decided this application was not necessary," a Binance spokesperson said in an emailed statement.

Binance is licensed in Dubai, and that is the company's Middle East and North Africa headquarters, CEO Richard Teng said in an interview for a Financial Times conference on Tuesday.

The decision is unrelated to the exchange's legal settlement in the U.S., where it agreed to pay a $4.3 billion fine for violating anti-money laundering and money transmitter rules.

UPDATE (Dec. 8, 10:50 UTC): Removes links to Reuters report; adds detail on licensing withdrawal and remaining license application.

Edited by Sheldon Reback.


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Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.