Cryptocurrency exchange Binance has withdrawn its bid for an Abu Dhabi investment management license, arguing that it was not necessary for the company’s “global needs.” The exchange still has an application to provide digital asset custody to professional clients. “In evaluating our global licensing needs, we did not determine that this application was necessary,” a Binance spokesperson said in an emailed statement.
Binance is licensed in Dubai, which is the company’s Middle East and North Africa headquarters, Chief Executive Richard Teng told the Financial Times Conference on Tuesday. The decision is unrelated to the exchange’s legal settlement in the United States, where it agreed to pay a $43 billion fine for violating anti-money laundering and remittance rules.
El Salvador is targeting Bitcoin (BTC) and crypto millionaires in its latest move to attract long-term residents to the country. The country launched its "Freedom Visa" program on Thursday, granting residency each year to up to 1,000 people who invest at least $100 million worth of Bitcoin or Tether (USDT) stablecoins. Qualifying participants will receive a long-term residence permit and have the opportunity to obtain full citizenship. The application fee is $999, non-refundable, in BTC or USDT, and the process begins on Friday.
Popular U.S. brokerage platform Robinhood (HOOD) on Thursday began allowing customers in the European Union (EU) to trade cryptocurrencies, praising the region's comprehensive digital asset rules. To incentivize customers to use the service, Robinhood will return a percentage of trading volume each month, paid in Bitcoin (BTC), according to a blog post on Thursday. Users can earn more Bitcoin by referring new customers. The expansion comes as cryptocurrencies have been rebounding after a brutal bear market, with the total market value recovering to $1.5 trillion, the highest level since May 2022. Rising trading volumes also mean increased revenue for trading platforms.