First published: 08-Dec-2023 17:45:10

Editorial team

Cryptocurrency trading company Binance announced that it has submitted a request to withdraw a license in Abu Dhabi belonging to one of its subsidiaries, BV Investment Management Limited.

A Binance spokesperson said in a statement : “When assessing our needs for global licences, we decided that this particular license, which BV Investment Management Limited obtained to manage a collective investment fund, was unnecessary and therefore applied to cancel it.”

Binance's statement came to clarify what was reported by the media about the withdrawal of the license in Abu Dhabi. She said she would continue to keep this decision under review.

Binance clarified that this is not a withdrawal from Abu Dhabi, as “Binance AD Limited” still holds a financial services provider (FSP) license from the Abu Dhabi Global Financial Market to carry out regulated deposit activities in relation to virtual assets.

The Abu Dhabi Global Market website indicates that the company BV Investment Management Limited, which was granted a license to provide financial services (FSP), has already withdrawn on November 15, 2022.

The spokesman added in the statement that Binance is “fully committed to continuing our cooperation with the regulatory bodies in Abu Dhabi (and all other regulatory bodies) to provide world-class services and offers in the Middle East and beyond.”

(Prepared by: editorial team, contact: zawya.arabic@lseg.com)

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