Binance Withdraws Abu Dhabi License Application Amid Restructuring

The move comes as new CEO Richard Teng takes the helm, following the company's $4.3 billion fine for US anti-money-laundering and sanctions violations.

• Binance has withdrawn its application for a license in Abu Dhabi, stating that it was 'not necessary' for its global licensing needs.
• The withdrawal comes just over two weeks into the tenure of new CEO Richard Teng, who is tasked with reshaping the company following its guilty pleas to US charges.
• Binance was fined $4.3 billion for US anti-money-laundering and sanctions violations, with founder Zhao Changpeng also pleading guilty and stepping down as CEO.
• The company has indicated plans to adopt a conventional corporate structure, including naming a headquarters and board of directors, and providing greater financial transparency.
• While Binance remains the largest platform for buying and selling digital assets and crypto derivatives, its market share has been declining.

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