The world’s largest exchange for digital assets, Binance, has withdrawn its application for a German crypto custody license. The trading platform made it clear it’s not giving up on plans to eventually obtain authorization from the Federal Republic but wants its submission to better reflect the changing market and regulatory conditions.
Crypto Exchange Binance to Reconsider Attempt at Getting German Regulatory Approval
Binance, the leading cryptocurrency exchange by daily trading volume, has pulled out its application for a crypto license in Germany, Reuters reported, noting that the exchange is obviously rethinking its expansion plans in the current difficult regulatory environment.
The move comes after about a month ago the German financial news magazine Finance Forward revealed, citing sources, that Germany’s Federal Financial Supervisory Authority (Bafin) had informed Binance it would not be licensed as a crypto custodian in the country.
“Binance confirms it has proactively withdrawn its Bafin application. The situation, both in the global market and regulation, has changed significantly,” a spokesperson for the crypto giant explained on Wednesday. However, the company representative also said:
Binance still intends to apply for appropriate licensing in Germany, but it is essential that our submission accurately reflects these changes.
In the past months, has been under increased pressure from regulators around the world. In the U.S., the exchange was sued by both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for alleged violations of securities and derivatives laws.
In Europe, the major crypto exchange is facing challenges in several other jurisdictions. Authorities in Belgium ordered the exchange to cease all crypto services while French prosecutors launched an investigation based on money laundering allegations.
Besides the Bafin application withdrawal, first reported by Coindesk, Binance exited the Dutch market in June after failing to register as a crypto service provider, applied for deregistration in Cyprus, canceled its U.K. authorization, and also withdrew its license application in Austria.
Do you think Binance will resubmit its application for a German crypto license in the near future? Tell us in the comments section below.
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