Binance says its decision to pull the Abu Dhabi licensing bid is unrelated to the US settlement.

A unit of Abu Dhabi-based cryptocurrency exchange Binance has pulled an application with the Emirates financial regulator, a move the company said was unrelated to its November settlement with authorities in the United States.

In a statement to Cointelegraph on December 7, a spokesperson for Binance said the exchange chose not to accept the application following a review of “global licensing needs” with the Abu Dhabi Financial Services Regulatory Authority. In November, the deal that was scrapped by BV Investment Management would have allowed Binance to manage the mutual investment fund.

The spokesperson said Binance's decision had nothing to do with the $4.3 billion settlement with US authorities, during which Changpeng “CZ” Zhao pleaded guilty to a felony charge and resigned as CEO. Binance's former head of regional markets, Richard Teng, replaced CZ and told Cointelegraph that the exchange was “completely different” after the deal.

According to its website, Binance Limited is still licensed to conduct financial services related to crypto protection in the Abu Dhabi Global Market. The spokesperson said Binance plans to continue working with international regulators as part of its expansion – in Dubai and other countries.

Related: Changpeng Zhao's next move could involve decentralized science.

On November 21, the US authorities announced that they have reached an agreement with Binance and CZ, which requires them to pay a fine of 4.3 billion dollars. Zhao pleaded guilty to one felony count of violating the US Bank Secrecy Act and failing to maintain an effective anti-money laundering program at Binance.

At the time of publication, Zhao was free on bail in the United States, while a court considered a request to allow the former CEO to return to his family in the United Arab Emirates. He could face up to 18 months in prison at his February sentencing.

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