A division of the largest cryptocurrency exchange Binance in Abu Dhabi has withdrawn its application for a license from the financial regulator, however, according to the site, this is not related to the Binance deal and US regulatory authorities.

A Binance spokesperson said the exchange decided not to wait for the application to be approved by the Abu Dhabi Financial Services Authority, although the license would allow the marketplace to operate a collective investment fund. Binance claims that this decision is not related to the agreement with the US authorities, under which the exchange is obliged to pay US regulators $4.3 billion.

Current Binance CEO Richard Teng, who recently replaced Changpeng Zhao, noted that the exchange became “completely different” after the deal. However, Binance Limited still has permission to provide financial services related to the storage of cryptocurrencies in the Abu Dhabi international market. Binance will continue to work with global regulators as part of the expansion of its activities, including in Dubai, a representative of the exchange noted.

In November, Zhao pleaded guilty to one count of failing to comply with anti-money laundering regulations at Binance, a violation of the Bank Secrecy Act. Following his arrest, Zhao was released on bail in the United States. A court recently banned the former head of the exchange from returning to his family in the United Arab Emirates until a court hearing is scheduled for February. Zhao could face up to 18 months in prison.

Recall that in July, Binance became the first cryptocurrency exchange to receive an MVP operating license from the Dubai Virtual Assets Regulatory Authority (VARA). Binance previously considered the UAE as a hub for its operations due to the country’s strong regulation of cryptocurrencies.