Thursday, 18 July 2024
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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.

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