Binance refused to apply for a license in Abu Dhabi

Binance refused to apply for a license in Abu Dhabi

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by Max Nevskyi

3 years ago

Binance Exchange has decided to withdraw its application for a license to manage a collective investment fund in Abu Dhabi. The company claims that this decision is unrelated to the regulatory issues it has faced in the United States.

According to information published on the website of the Financial Services Regulatory Authority (FSRA) in Abu Dhabi, Binance withdrew its application on November 7, 2023, which happened two weeks before the court's decision on its case.

A representative of the exchange, providing a comment to Reuters, stated that this decision was made based on a real assessment of the company's need for a global license. He urged not to connect it with the platform's commitment to pay a $4.3 billion fine imposed by the U.S. Department of Justice.

It should be noted that a collective investment fund falls under the category of unit-linked financial products. With this license, the issuer can launch such a product and manage it in the local market.

Binance obtained permission to provide financial services from FSRA in November 2023. This license also granted the platform the ability to act as a custodian for some institutional clients.

Interestingly, regulatory authorities in the UAE had previously revoked the license of the FTX exchange immediately after its bankruptcy.

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