Monday, 31 March 2025
Trending
CryptoCrypto Exchange

Binance retracts its application for an Abu Dhabi license

  • Binance withdrew its application for an Abu Dhabi license.
  • The company is dedicated to collaborating with regulators to offer services in the Middle East and beyond.
  • Binance is still the largest marketplace for buying and selling cryptocurrency derivatives and digital assets.

Two weeks after CEO Richard Teng took over, Binance withdrew its application for an Abu Dhabi license.

Teng intends to apply a traditional corporate structure, which will include naming a headquarters and board of directors and offering more financial transparency. The company is dedicated to collaborating with regulators to offer services in the Middle East and beyond.

Binance

After entering a guilty plea to US anti-money-laundering and sanctions charges, Binance was hit with a $4.3 billion fine and continued oversight from US authorities.

Teng was given the most difficult position in cryptocurrency when founder Changpeng Zhao entered a guilty plea and resigned as CEO. Before the US settlement, the company already made changes to its global footprint by leaving the Netherlands, Canada, and Russia and closing its Australian derivatives exchange.

Binance.US saw a decline in trading volumes and lost banking support. Although Binance is still the largest marketplace for buying and selling cryptocurrency derivatives and digital assets, its hegemony is beginning to erode.

From 55% at the beginning of 2023 to 32% in November, Binance’s share of spot trading volumes shows signs of weakness.

Former government employee turned cryptocurrency executive Teng remained mum about the anticipated location of Binance’s official headquarters, stating only that the company will make announcements when appropriate.

Related posts
AltcoinsBitcoinCrypto

Bitcoin and Altcoins at Risk as U.S. Equities Face Correction

Bitcoin has dropped from $109,300 to a low of $77,396, with Ethereum, XRP, and Cardano also…
Read more
CryptoCrypto Regulations

Japan to Recognize Crypto as Financial Products Under New Law

Japan’s FSA plans to amend the Financial Instruments and Exchange Act by 2026. Crypto assets…
Read more
AltcoinsCrypto

Crypto Regulation Challenges: WazirX Case Dismissed & Ripple’s SEC Battle

The NCDRC dismissed a ₹2000 crore hack lawsuit against WazirX due to India’s unclear crypto…
Read more
Newsletter
Become a Trendsetter

To get your breaking, trending, latest news immediately without diluting its truthfulness join with worldmagzine immediately.

Leave a Reply

Your email address will not be published. Required fields are marked *

CanadaCryptoCrypto Exchange

Canadian crypto exchanges

Worth reading...