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Binance Withdraws Abu Dhabi License Bid Amid CEO Change

Binance Withdraws Abu Dhabi License Bid Amid CEO Change

Binance, a major cryptocurrency exchange, recently withdrew its application for a license in Abu Dhabi, coinciding with the appointment of Richard Teng as CEO during a challenging phase for the company.

A spokesperson clarified that withdrawing the Abu Dhabi application was a strategic decision following a comprehensive review of their licensing strategy.

Despite this withdrawal, Binance remains committed to regulatory compliance and expansion in the Middle East, signaling a shift from its decentralized operational model to align with global regulations.

Under Teng’s leadership, Binance plans structural changes like establishing a headquarters, a board of directors, and enhancing financial transparency.

READ MORE: Judge Acknowledges Ex-Binance CEO’s Guilty Plea in Landmark Decision

These adjustments are crucial amid increasing regulatory scrutiny on crypto exchanges.

Meanwhile, Binance’s founder, Zhao Changpeng (CZ), admitted guilt to US charges involving anti-money laundering and sanctions violations, resulting in a historic $4.3 billion fine and CZ’s resignation.

Teng’s leadership marks a new phase for Binance, emphasizing compliance and operational transparency amidst industry-wide regulatory changes.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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