Binance Withdraws Bid for Abu Dhabi License: Reuters

Cryptocurrency exchange Binance has withdrawn its bid for a license in Abu Dhabi, Reuters reported, citing a company spokesperson.

The application, filed last year, was withdrawn on Nov. 7, Reuters said. The license would have allowed Binance to manage a collective investment fund.

Binance determined the application was not necessary “when assessing its global needs,” a spokesperson told the news organization.

The exchange is licensed in Dubai, and that is the company’s Middle East and North Africa headquarters, CEO Richard Teng said in an interview for a Financial Times conference on Tuesday.

The decision is unrelated to the exchange’s legal settlement in the U.S., where it agreed to pay a $4.3 billion fine for violating anti-money laundering and money transmitter rules.

Binance did not immediately respond to CoinDesk’s request for comment.