Home>Business>Binance says resolution to drag Abu Dhabi licensing bid unrelated to US settlement

Binance says resolution to drag Abu Dhabi licensing bid unrelated to US settlement


Cryptocurrency change Binance’s unit in Abu Dhabi has pulled an utility with the Emirate’s monetary regulator, a transfer it claims was unrelated to the agency’s November settlement with authorities in the US.

In a press release to Cointelegraph on Dec. 7, a Binance spokesperson stated the change had chosen to not transfer ahead with an utility with Abu Dhabi’s Monetary Companies Regulatory Authority following an evaluation of its “international licensing wants.” The settlement, withdrawn by BV Funding Administration in November, would have allowed Binance to handle a collective funding fund.

The spokesperson stated Binance’s resolution was “unrelated” to a $4.3 billion settlement with U.S. authorities, by which Changpeng “CZ” Zhao pleaded guilty to at least one felony cost and stepped down as CEO. Binance’s former head of regional markets, Richard Teng, succeeded CZ and told Cointelegraph the exchange was “completely completely different” following the deal.

In accordance with its web site, Binance Restricted nonetheless has permission to conduct monetary providers associated to crypto custody within the Abu Dhabi International Market. The spokesperson stated Binance deliberate to proceed working with international regulators as a part of its growth — including in Dubai and different international locations.

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On Nov. 21, U.S. officers introduced that they had reached an agreement with Binance and CZ, requiring them to pay $4.3 billion in penalties. Zhao pleaded guilty to one felony count for failure to keep up an efficient Anti-Cash Laundering program at Binance, violating the U.S. Financial institution Secrecy Act.

On the time of publication, Zhao was free on bail within the U.S. whereas a court docket thought of a movement permitting the previous CEO to return to his household within the United Arab Emirates. He might withstand 18 months in jail at his February sentencing.

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