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Binance changed its mind about obtaining a license in Abu Dhabi

Exchange Binance withdrew the application for a license to manage a collective investment fund in Abu Dhabi. The company said that this decision has nothing to do with the regulatory difficulties that the platform has encountered in the United States.

The website of the Financial Services Regulatory Authority (FSRA) on the Abu Dhabi global market indicates that Binance withdrew its application on November 7, 2023 – two weeks before the court verdict in the company’s case.

In a comment to the publication Reuters a representative of the exchange said that this decision was dictated by a realistic assessment of the company’s need for global licensing. The organization urged not to equate it with the fact that the US Department of Justice ordered the platform to pay a fine of $4.3 billion.

Note that a collective investment fund belongs to the category of mutual financial products. This license allows the issuer to release such a product and manage it on the local market.

Binance received financial services approval from the FSRA in November 2023. The license, among other things, allows the platform to act as a custodian for some institutional clients.

Interestingly, regulators in the UAE revoked the license of the FTX exchange immediately after it went bankrupt.

Source: Cryptocurrency

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