Cryptocurrency exchange Binance’s unit in Abu Dhabi has pulled an application with the Emirate’s financial regulator, a move it claims was unrelated to the firm’s November settlement with authorities in the United States.

In a statement to Cointelegraph on Dec. 7, a Binance spokesperson said the exchange had chosen not to move forward with an application with Abu Dhabi’s Financial Services Regulatory Authority following an assessment of its “global licensing needs.” The agreement, withdrawn by BV Investment Management in November, would have allowed Binance to manage a collective investment fund.

The spokesperson said Binance’s decision was “unrelated” to a $4.3 billion settlement with U.S. authorities, in which Changpeng “CZ” Zhao pleaded guilty to one felony charge and stepped down as CEO. Binance’s former head of regional markets, Richard Teng, succeeded CZ and told Cointelegraph the exchange was “totally different” following the deal.

According to its website, Binance Limited still has permission to conduct financial services related to crypto custody in the Abu Dhabi Global Market. The spokesperson said Binance planned to continue working with global regulators as part of its expansion — including in Dubai and other countries.

Related: Changpeng Zhao’s next move could involve decentralized science

On Nov. 21, U.S.

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Author: Turner Wright

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