Binance Labs: Withdrawal of Abu Dhabi license application due to lack of demand for the license

Binance Labs posted on the X platform that the media was confused about the revocation of the Abu Dhabi license (which we have never used) and clarified this: This has nothing to do with the Binance exchange. Through this license we aim to manage funds raised from limited partners (LPs). However, we decided to focus on incubating early-stage founders and startups, so utilization of the fund was low. Therefore, we decided to return the funds to the limited partners and cancel the license as we no longer need it. According to previous news, BV Investment Management, a subsidiary of Binance, has recently withdrawn its license application submitted to the Abu Dhabi Financial Regulatory Authority. A Binance spokesperson said the decision to withdraw the application had nothing to do with the U.S. settlement. Binance stated that the company will continue to cooperate with regulators to provide world-class services and products in the Middle East and other regions.