Binance Retreats from Abu Dhabi Licensing

Crypto exchange Binance has decided to withdraw its application for a license in Abu Dhabi, citing it as unnecessary. The exchange had filed the request for its firm, BV Investment Management, with Abu Dhabi Global Market’s Financial Service Regulatory Authority (FSRA) a year ago. The reason for the withdrawal is unclear, but a spokesperson for Binance stated that the company is reassessing its global licensing needs. The decision to withdraw is said to be unrelated to the recent U.S. settlement. This comes after Binance also withdrew its registration as a crypto asset service provider with the Cyprus Securities and Exchange Commission (SEC) in June 2023. Binance is currently facing regulatory pressure worldwide, with the Philippine Securities and Exchange Commission taking measures to restrict its accessibility within the country.