Binance drops Abu Dhabi license application

National Business Wire (Dec 8) -- Binance, the world's largest cryptocurrency exchange, announced on Thursday that it has withdrawn its application for an Abu Dhabi license.

Banance said its subsidiary, BV Investment Management Limited, has withdrawn its application for a license from Abu Dhabi's Financial Services Regulatory Authority (FSRA).

BV Investment Management filed for a license to operate a collective investment fund in Abu Dhabi a year ago and withdrew it on Nov. 7, the regulator's website showed.

"When assessing our global licensing needs, we decided this application was not necessary,"a Binance spokesperson said.

The spokesperson added that Binance remains "committed" to providing services in the Middle East and beyond.

This move was "unrelated" to Binance's more than $4 billion settlement with U.S. authorities, the spokesman said, in which Binance founder Zhao Changpeng admitted to failing to implement anti-money laundering policies and resigned as CEO.

Zhao cannot return to his residence in the United Arab Emirates until his sentencing in February next year, U.S. District Judge Richard Jones ruled on Thursday in Seattle.

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