The UAE refused to issue a license to Binance due to the FATF “grey list” – Kommersant

The UAE refused to issue a license to Binance due to the FATF “grey list” – Kommersant

The Dubai Virtual Assets Authority has denied Binance a license to operate in the UAE. The country’s authorities made this decision because of the “gray list”, which is to be published by the Financial Action Task Force (FATF) in February 2024. This is reported by Bloomberg with reference to sources.

According to the agency, in September, at a closed event with VIP clients, the Binance crypto exchange spoke about the upcoming agreements with the US authorities. Previously, the US Securities and Exchange Commission accused Binance of violating securities laws. The company is ready to pay a fine of $4.3 billion to settle the disputes.

The deal, as the agency writes, fell through because some officials began to insist on punishment for the founder of Binance, Changpeng Zhao. In 2023, Mr. Zhao moved to the UAE, and a few months later he pleaded guilty to violating US money laundering laws.

The UAE is seeking exclusion from the FATF “grey list” – which includes countries under enhanced monitoring in terms of money laundering and terrorist financing. Bloomberg writes that the UAE authorities, with whom Changpeng Zhao has warm relations, had no influence on his decision to plead guilty to corruption. In November, the authorities of the United Arab Emirates made it clear that a license for Binance to operate in the country would be issued at least before the publication of the next “gray list” in February 2024.

More details in the text “Kommersant” “Binance will pay for everything”.

Petr Buzlaev

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