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<ul class="news-points"> 
 <li>Binance has reportedly withdrawn its license application in Abu Dhabi.</li> 
 <li>BV Investment Management, Binance’s UAE unit, dropped its license application as part of reassessing its global structure.</li> 
 <li>A spokesperson commented that the move has no connection with Binance’s guilty plea in the $4.3 billion settlement.</li> 
</ul> 
Binance has reportedly <a href="https://www.reuters.com/technology/binance-withdraws-abu-dhabi-licence-bid-crypto-giant-weighs-structure-2023-12-07/" target="_blank" rel="nofollow">announced</a> the withdrawal of a license application that allowed the platform to operate a collective investment fund in Abu Dhabi amidst increasing regulatory challenges. According to reports, on November 7, BV Investment Management, Binance’s unit in the United Arab Emirates (UAE), dropped its application as part of reassessing its global structure. 
Abu Dhabi’s Financial Services Regulatory Authority and the Abu Dhabi Global Market (ADGM) <a href="https://www.adgm.com/media/announcements/binance-secures-financial-services-permission-from-adgms-fsra" target="_blank" rel="nofollow">confirmed</a> Binance’s legal status to offer cryptocurrency custodial services to clients in Abu Dhabi in the last year. ADGM Chairman noted the capital city’s larger vision of Web3 expansion, citing, “We look forward to supporting Binance’s operations and R&amp;D in ADGM to develop solutions for the Web3.0 economy.” 
Though the current development follows the recent incidents that inv…
The post <a href="https://coinedition.com/is-binance-losing-grip-experts-weigh-in-on-abu-dhabi-license-exit/">Is Binance Losing Grip? Experts Weigh In on Abu Dhabi License Exit!</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

Is Binance Losing Grip? Experts Weigh In on Abu Dhabi License Exit!

Coin Edition

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