- Binance has clarified the misconception regarding its license withdrawal from Abu Dhabi.
- Binance Labs Fund stated the move had no relationship with the Binance exchange.
- Binance initially sought the Abu Dhabi license to oversee funds raised from LPs but later found it unnecessary.
The Binance team has taken to X to provide clarification surrounding the news of its license withdrawal from Abu Dhabi. In a communication on Friday, Binance Labs Fund, the investment arm of the largest crypto exchange, Binance, stated that the Abu Dhabi license withdrawal had nothing to do with the trading platform.
On Thursday, reports circulated in the crypto community that Binance retracted its license application enabling the operation of a collective investment fund in Abu Dhabi, citing growing regulatory obstacles.
Specifically, it was mentioned that BV Investment Management, Binance’s subsidiary in the United Arab Emirates, withdrew its application on November 7 as part of a comprehensive review of the platform’s global organizational framework. The development elicited varied responses from crypto market participants, prompting Binance Labs Fund’s clarification note…
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