Binance withdraws crypto license application in Germany
The crypto exchange’s move to withdraw its license in Germany comes amid reports that the exchange faced rejection from regulators.
Binance has withdrawn its cryptocurrency custody license application in Germany. The exchange confirmed its withdrawal to Cointelegraph on July 26, nearly a month after reports of rejections from The German Federal Financial Supervisory Authority (BaFin).
On June 29, . However, at the time, it was unclear whether the regulator officially denied Binance’s application or if it verbally informed the company. However, Binance has now confirmed that it has formally withdrawn its license application.
A spokesperson from Binance told Cointelegraph that it intends to re-apply for a license in Germany, with changes to its application reflecting the changes in the regulatory environment:
Binance CEO Changpeng Zhao said it would focus on becoming compliant with the European Union’s Markets in Crypto-Assets (MiCA) regulations to offer its services in European countries. However, its European expansion plans have taken a setback amid its regulatory troubles in the United States.
The crypto exchange is facing multiple investigations in the U.S. from financial regulators. The crypto exchange since early 2022.
Related:
Before its withdrawal from Germany, the crypto exchange also exited the Dutch market after failing to secure a virtual asset service provider license from regulators in the country. The crypto exchange also applied to in the United Kingdom and .
to preserve this moment in history and show your support for independent journalism in the crypto space.
Magazine:
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
