Binance Temporarily Withdraws Cryptocurrency License Application to Germany's BaFin

Odaily Planet Daily News Binance spokesperson confirmed that the company has withdrawn the license application submitted to the German financial regulator BaFin.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." In June, Finance Forward reported that the company would be denied a license by BaFin, but a Binance spokesperson said at the time that the company was still in discussions with officials. Binance also dropped registration with the Cyprus securities regulator, decided to withdraw from the Netherlands after a registration failure, and has been ordered to cease operations in Belgium. In early June, Binance CEO CZ said that despite the ongoing money laundering investigation in France, France is still Binance's flagship center in Europe, and that EU law will come into effect in 2024, which will allow encryption service providers to operate in the EU through a single license. operate within the scope. (CoinDesk) Prior to the news on June 29, people familiar with the matter revealed that the German financial regulator BaFin has decided not to grant a cryptocurrency custody license to Binance. BaFin allegedly made this clear to the company. A BaFin spokesman said the agency does not comment on individual companies. A spokesperson for Binance said, “While we cannot share the details of our discussions with regulators, we are continuing to work hard to meet BaFin’s requirements. This is an ongoing process. We believe we have the right team and appropriate measures in place to continue working with German regulators for discussion."