The major cryptocurrency exchange Binance withdrew an application for certain operations in Abu Dhabi, according to a recently updated filing.
The Abu Dhabi Global Market (ADGM) is the regulator responsible for the request, which took effect on Nov. 15, 2022, and was withdrawn on Nov. 7, 2023.
On its website, Binance states that the regulator permitted it to manage a collective investment fund — that is, a fund that pools assets from multiple clients or sources. However, Binance also states that it can only offer the service once it meets the relevant conditions. ADGM’s conditions require Binance not to hold or control client assets or work with retail clients.
Binance also states that ADGM has permitted it to offer custody services. That filing was submitted on Nov. 15, 2022, and has not been withdrawn. Once again, the conditions of this application require Binance not to serve retail clients.
Binance previously seemed to be focused on Abu Dhabi as part of its strong Middle East a
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