The exchange withdrew the Abu Dhabi licensing bid on 7 November 2023.
It would have allowed the exchange to pool and invest funds from professional investors.
Binance, the largest crypto exchange in terms of trading volume, has withdrawn its bid for a collective investment fund. This application was previously submitted to the financial market regulator in Abu Dhabi. The decision to retract its bid stems from Binance's ongoing reassessment of its “global licensing needs", according to the company.
Is Binance Rethinking Its MENA Strategy?
As seen on the Abu Dhabi Global Market (ADGM) register, Binance’s local subsidiary, BV Investment Management Limited, applied for the license on 15 November 2022 and withdrew the application on 7 November 2023. The license would have enabled the exchange to offer services to professional clients.
Notably, during those decisions, Changpeng Zhao was still in charge of Binance as the CEO. Zhao stepped down last month, following his plea agreement with the US prosecutors, handing over the charge to Richard Teng, who previously led the exchange’s regional operations and is also a former regulatory executive.
“When assessing our global licensing needs, we decided this application was not necessary,” a spokesperson from Binance said in a statement circulated across media houses. “Abu Dhabi has emerged as a leader in the virtual and digital assets ecosystem, a global hub that encourages innovation and responsible growth, while diligently guarding user interests.”
An Exchange Still Without Headquarters
Binance, which started to operate as a crypto exchange in 2017, was first based in China but relocated to Japan to escape the Chinese government’s crackdown on crypto exchanges. Later, the company established a base in Malta while maintaining its status as a firm without any fixed headquarters.
Although the initial growth of the exchange was aggressive, it started to receive regulatory warnings and enforcement actions in many jurisdictions. Most recently, the exchange settled with the US federal prosecutor, paying $4.3 billion for anti-money laundering and sanctions laws violations.
The exchange once highlighted its focus on growing its operations in the Middle East, a relatively crypto-friendly region with specific laws. According to its website, it holds other crypto licenses from Abu Dhabi, Dubai, and Bahrain regulators. It further holds registrations and licenses in Europe, Asia, and other parts of the globe. Meanwhile, it agreed to completely exit the United States as a part of its settlement agreement.
Binance, the largest crypto exchange in terms of trading volume, has withdrawn its bid for a collective investment fund. This application was previously submitted to the financial market regulator in Abu Dhabi. The decision to retract its bid stems from Binance's ongoing reassessment of its “global licensing needs", according to the company.
Is Binance Rethinking Its MENA Strategy?
As seen on the Abu Dhabi Global Market (ADGM) register, Binance’s local subsidiary, BV Investment Management Limited, applied for the license on 15 November 2022 and withdrew the application on 7 November 2023. The license would have enabled the exchange to offer services to professional clients.
Notably, during those decisions, Changpeng Zhao was still in charge of Binance as the CEO. Zhao stepped down last month, following his plea agreement with the US prosecutors, handing over the charge to Richard Teng, who previously led the exchange’s regional operations and is also a former regulatory executive.
“When assessing our global licensing needs, we decided this application was not necessary,” a spokesperson from Binance said in a statement circulated across media houses. “Abu Dhabi has emerged as a leader in the virtual and digital assets ecosystem, a global hub that encourages innovation and responsible growth, while diligently guarding user interests.”
An Exchange Still Without Headquarters
Binance, which started to operate as a crypto exchange in 2017, was first based in China but relocated to Japan to escape the Chinese government’s crackdown on crypto exchanges. Later, the company established a base in Malta while maintaining its status as a firm without any fixed headquarters.
Although the initial growth of the exchange was aggressive, it started to receive regulatory warnings and enforcement actions in many jurisdictions. Most recently, the exchange settled with the US federal prosecutor, paying $4.3 billion for anti-money laundering and sanctions laws violations.
The exchange once highlighted its focus on growing its operations in the Middle East, a relatively crypto-friendly region with specific laws. According to its website, it holds other crypto licenses from Abu Dhabi, Dubai, and Bahrain regulators. It further holds registrations and licenses in Europe, Asia, and other parts of the globe. Meanwhile, it agreed to completely exit the United States as a part of its settlement agreement.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Cross-Border Banking: Wirex Teams Up with OpenPayd for Virtual IBAN
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa