Cryptocurrency exchange Binance’s unit in Abu Dhabi has decided to withdraw its application with the Emirate’s financial regulator. The exchange claims that this move is unrelated to its recent settlement with US authorities. Binance spokesperson stated that the decision was made after assessing the exchange’s global licensing needs. The application, which was withdrawn in November, would have allowed Binance to manage a collective investment fund.

The spokesperson emphasized that the decision was not influenced by the $4.3 billion settlement with US authorities, in which the former CEO, Changpeng “CZ” Zhao, pleaded guilty to one felony charge and stepped down. Richard Teng, Binance’s former head of regional markets, took over as CEO and stated that the exchange is now “totally different” following the settlement.

Despite withdrawing the application in Abu Dhabi, Binance Limited still has permission to conduct financial services related to crypto custody in the Abu Dhabi Global Market. The spokesperson also mentioned that Binance plans to continue working with global regulators as part of its expansion, including in Dubai and other countries.

In November, US officials announced an agreement with Binance and CZ, requiring them to pay $4.3 billion in penalties. CZ pleaded guilty to one felony count for failure to maintain an effective Anti-Money Laundering program at Binance, violating the US Bank Secrecy Act. CZ is currently free on bail in the US, awaiting a court decision on whether he can return to his family in the United Arab Emirates. He could face up to 18 months in prison at his sentencing in February.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Middle East
Countries	🇺🇸 🇦🇪
Sentiment	neutral
Relevance Score	1
People	Changpeng Zhao
Companies	BV Investment Management, Abu Dhabi Global Market, Binance, Abu Dhabi’s Financial Services Regulatory Authority, Dubai
Currencies	None
Securities	None