Crypto Exchange Binance Pulls Abu Dhabi License Application (1)

Binance announced the withdrawal of a license application in Abu Dhabi just over two weeks into the tenure of Chief Executive Officer Richard Teng, who faces the task of reshaping the company after its guilty pleas to US charges.

The website of Abu Dhabi Global Market lists an application from BV Investment Management Ltd. for “managing a collective investment fund” that was withdrawn on Nov. 7. Binance didn’t provide further detail on which application it withdrew.

“When assessing our global licensing needs, we decided this application was not necessary,” a Binance spokesperson said in a statement on Thursday. The ...