Source: Pixabay / satheeshsankaran 
<p><a href="https://cryptonews.com/news/former-binance-ceo-czs-guilty-plea-accepted-by-us-judge.htm">Binance</a> has officially withdrawn its application for a financial license in Abu Dhabi, according to <a href="https://www.reuters.com/technology/binance-withdraws-abu-dhabi-licence-bid-crypto-giant-weighs-structure-2023-12-07/">Reuters</a>. This move is indicative of the exchange’s ongoing reassessment of its global operations and licensing requirements.</p> 
<p>The application, submitted by BV Investment Management, a Binance unit, aimed to manage collective investment funds as per the details on the regulator’s website. According to a spokesperson for Binance, the move to retract the application was a strategic decision to align with the company’s reassessed compliance needs.</p> 
<h2 id="binance-s-retraction-from-uae">Binance’s Retraction from UAE</h2> 
<p><br> “When assessing our global licensing needs, we decided this application was not necessary,” said the spokesperson.</p> 
<p>This application, filed a year ago and officially retracted on November 7th, signals a potential shift in Binance’s operational focus and global strategy. Despite the timing, the decision to pull the license application was “unrelated” to the U.S. settlement, according to the spokesperson.</p> 
<p>The Abu Dhabi Global Market’s Financial Service Regulatory Authority (FSRA) declined to respond to Reuter’s request for comment.</p> 
<p>Binance’s former CEO Changpeng Zhao (CZ), a Canadian citizen born in <a href="https://cryptonews.com/news/chinese-cities-launch-end-of-year-digital-yuan-giveaways.htm">China</a>, also acquired <a href="https://cryptonews.com/news/uae-tech-researchers-roll-out-lightweight-blockchain-for-carbon-trading.htm">UAE</a> citizenship. As CZ pled guilty in the anti-money laundering case, he requested to return to the UAE before <a href="https://cryptonews.com/news/former-binance-ceo-cz-released-on-175-million-bond.htm">his sentencing</a> in Feb. 2023. However, a federal judge has just <a href="https://cryptonews.com/news/binance-founder-cz-to-await-sentencing-in-us.htm">ruled</a> that CZ must remain in the U.S., overturning a previous ruling by a magistrate judge.</p> 
<h2 id="more-ceased-operations-in-other-regions">More Ceased Operations in Other Regions</h2> 
<p><br> In the past year, Binance has reduced its presence in several countries as part of its global strategy and regulatory compliance efforts. The <a href="https://cryptonews.com/news/best-crypto-to-buy-now-december-6-helium-celestia-avalanche.htm">cryptocurrency</a> exchange withdrew from license application processes in <a href="https://www.google.com.hk/search?q=cryptonews.com+binance+withdraw+from+germany&amp;oq=cryptonews.com+binance+withdraw+from+germany&amp;gs_lcrp=EgZjaHJvbWUyBggAEEUYOTIHCAEQIRigATIHCAIQIRigAdIBCDY5NTFqMGo3qAIAsAIA&amp;sourceid=chrome&amp;ie=UTF-8">Germany</a> and <a href="https://cryptonews.com/news/binance-seeks-deregister-cyprus-entity-amid-upcoming-eu-mica-rules.htm">Cyprus</a> and ceased operations in the <a href="https://cryptonews.com/news/binance-exits-dutch-market-following-unsuccessful-bid-for-vasp-license.htm">Netherlands</a>. It was also directed to stop its operations in <a href="https://cryptonews.com/news/binance-forced-stop-providing-crypto-services-belgium-by-financial-regulator.htm">Belgium</a>, prompting the establishment of a new entity in <a href="https://cryptonews.com/news/today-in-crypto-regulator-allows-belgians-to-use-binance-poland-us-sec-says-an-issuers-nfts-are-securities-and-orders-it-to-compensate-investors-limewire-launches-worlds-1st-blockchain-based-ai-crea.htm">Poland</a> to serve Belgian clients.</p> 
<p>Additionally, Binance has made notable adjustments in other regions outside the EU. In the <a href="https://cryptonews.com/news/binance-adheres-to-uk-rules-pauses-new-user-sign-ups.htm">U.K.</a>, it halted accepting new users, and in <a href="https://cryptonews.com/news/binance-to-halt-russian-ruble-deposits-as-part-of-exit-strategy-from-russia.htm">Russia</a>, it announced plans to divest its business. In <a href="https://cryptonews.com/news/australias-government-calls-for-digital-asset-platforms-abide-by-existing-financial-regulations.htm">Australia</a>, the exchange faced a setback when its derivatives business’s financial services license was cancelled. Furthermore, in the <a href="https://cryptonews.com/news/sec-in-philippines-binance-is-operating-without-a-license-heres-the-latest.htm">Philippines</a>, regulators have initiated actions to restrict Binance’s operations.</p>

Binance Withdraws Application for Abu Dhabi License, Reassessing Compliance Needs

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