Crypto exchange Binance has withdrawn its application for an investment fund license in Abu Dhabi.

The exchange’s BV Investment Management unit withdrew the application with Abu Dhabi’s Financial Services Regulatory Authority yesterday, according to the regulator’s website. The license would have permitted Binance to manage a collective investment fund in the country.

“When assessing our global licensing needs, we decided this particular licence, held by BV Investment Management Limited for the management of a collective investment fund, was not necessary and therefore voluntarily applied to cancel it,” a Binance spokesperson told Decrypt.

Speaking to Reuters, a Binance spokesperson said noted that the decision was “unrelated” to its $4.3 billion settlement with U.S. regulators.

Binance has withdrawn a number of license applications around the world this year. In April it had its Australian financial services license Go to Source to See Full Article
Author: Stephen Graves

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