Odaily Planet Daily News According to sources familiar with the matter and Binance internal documents obtained by The Wall Street Journal, the German Federal Financial Supervisory Authority (BaFin) recommended that Binance withdraw its license application based on concerns about its CEO CZ and corporate structure .
According to the report, BaFin told Binance that CZ may not pass the "fit and proper person" test under the financial regulator's regulatory guidelines. The regulator's guidelines for license applications state that a managing director (in this case a CZ) must "have the professional qualifications and good reputation required by the governing body and must devote sufficient time to the performance of his functions".
A Binance spokesperson responded that the WSJ report was inaccurate. Binance voluntarily withdrew the application for a number of reasons, including focusing on obtaining a new EU cryptocurrency license, he said. “Binance will continue to cooperate with the regulator and continue to seek the necessary regulatory approvals to actively conduct business in Germany.”
A BaFin spokesperson confirmed that Binance had withdrawn the application, but declined to provide further details. (Wall Street Journal)
As previously reported, a Binance spokesperson confirmed that the company has withdrawn its license application to the German financial regulator BaFin. Binance has previously scaled back in markets including Austria, Belgium and the Netherlands, and its U.S. arm has also been sued by regulators for operating an unregistered exchange.
In an emailed statement, a spokesperson said: “Binance confirms that it has voluntarily withdrew its application at BaFin. The situation has changed significantly, both in terms of global markets and regulation. Binance still intends to apply properly in Germany. licence, but our application must accurately reflect these changes."
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