Binance, under the leadership of CEO Richard Teng, withdrew its license application in Abu Dhabi after just over two weeks. A company spokesperson stated on Thursday that, upon evaluating global licensing needs, the application was deemed unnecessary. Binance expressed commitment to collaborating with regulators for service provision in the Middle East and beyond. Teng, aiming to establish a conventional corporate structure, plans to name a headquarters, board of directors, and enhance financial transparency.
On November 21, Binance pleaded guilty to US anti-money-laundering and sanctions violations, incurring a $4.3 billion fine and ongoing oversight. Founder Changpeng Zhao stepped down, handing leadership to Teng. Prior to the settlement, Binance adjusted its presence, exiting Russia, Canada, and the Netherlands, and winding down its derivatives exchange in Australia. Binance.US faced challenges, losing banking support and experiencing reduced trading volumes.
While Binance remains a major global platform, its dominance has declined. Spot trading volumes fell from 55% to 32% in November, and derivatives market share dropped from over 60% to 48%, according to CCData. Teng, a former civil servant and crypto executive, declined to disclose Binance’s formal headquarters location in a recent Bloomberg Television interview, noting that announcements would be made in due time.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}