Binance announces the cancellation of BV Investment Management Limited’s license to manage a collective investment fund
Binance has announced the cancellation of the license held by BV Investment Management Limited to manage a collective investment fund. This decision comes after a thorough assessment of the company’s global licensing needs.
The spokesperson for Binance emphasized the significance of Abu Dhabi’s role in the digital and virtual asset system, highlighting their commitment to supporting responsible innovation and growth while fully focusing on safeguarding user interests.
Binance reaffirmed its dedication to continued collaboration with regulatory authorities to deliver world-class services in the Middle East and beyond.
Binance (AD) Limited confirmed the retention of its financial services license to carry out regulated deposit activities related to virtual assets.
The decision to cancel the license specifically pertains to the financial services provider license held by BV Investment Management Limited for managing a collective investment fund only. Despite the license cancellation, Binance will continue to review this decision.
Regarding the impact on users, the statement clarified that Binance’s global platform remains unaffected, and Binance (AD) Limited retains its license for regulated deposits in the virtual asset domain.
The statement underscored that this decision is not considered a withdrawal from Abu Dhabi. The voluntary cancellation of the financial services provider license held by BV Investment Management Limited is specific to managing a collective investment fund. Binance (AD) Limited continues to hold its license to provide financial services in the virtual asset sector.
In conclusion, the statement reiterated Binance’s commitment to full cooperation with regulatory authorities in Abu Dhabi and elsewhere, ensuring the delivery of high-quality services in the Middle East and beyond.
