According to "Finance Forward" citing people familiar with the matter, the German financial regulator BaFi has decided not to grant a custody license to the encryption exchange Binance. It is unclear whether this is a formal cancellation, or if regulators have expressed their intentions in ongoing negotiations. Finance Forward reported on June 26 that Binance withdrew its Austrian license application under pressure from regulators. Additionally, Binance had previously waived its registration with the Cypriot securities regulator, decided to withdraw from the Netherlands after unsuccessful registration attempts, and was ordered to cease operations in Belgium.