A year after its request from license à Abu Dhabi to manage a investment fund collective, Binance se retire. This one is no longer necessaryassuresexchange whose new CEO declares that a global headquarters remains at announce.
Binance revising its international expansion policy? A year earlier, through a subsidiary called BV Investment Management, the company filed an application with the financial regulator in Abu Dhabi.
The crypto exchange applied for a license to manage a collective investment fund. This project is no longer on the agenda. As reported by ReutersBinance has withdrawn its license application.
A license that’s simply no longer “necessary
Why this withdrawal in the current context?
When assessing our global licensing needs, we decided that this request was not necessary,” replies a spokesperson laconically.
When contacted, Abu Dhabi’s Financial Services Regulatory Authority (FSRA) declined to comment. As for the crypto exchange, which has been hard hit on the regulatory front, it insists that this decision is unrelated to its conviction in the United States.
Recall that last month, Binance pleaded guilty on the world’s leading crypto exchange to violating money laundering laws. To end the prosecution, it agreed to pay $4.3 billion.
Binance’s Middle East headquarters in Dubai
This case would therefore have no influence on Binance’s development policy in the Middle East. Its strategy remains unchanged, and is based on a key location in the United Arab Emirates.
The Emirates aim to establish themselves as a stronghold for digital assets. The now ex-CEO of Binance, Changpeng Zhao, holds Emirati nationality. Born in China, he is also a Canadian citizen.
CZ also owns two residences in Dubai, where his company is based. According to information on its website, Binance has regulatory approvals in Dubai and Abu Dhabi.
In 2022, the exchange promised the recruitment of over 100 employees in Dubai and advice to help define its crypto legislation.
The crypto exchange plays for time on its global headquarters
Could one of these states become the exchange’s global headquarters? For, despite past commitments, this decision has still not been officially decided.
That’s what Binance’s new CEO Richard Teng hinted at this week during a remote participation in the Financial Times in London.
On the other hand, the head office for the Middle East and North Africa is in Dubai. Paris is the European headquarters.
On the other hand, Richard Teng declared that the location of his global headquarters would be announced “in due course”. He declined to give any further details on when this announcement might be made.
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