Binance Withdraws its License Application in Germany

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Binance Withdraws its License Application in Germany

Top cryptocurrency exchange, Binance reportedly withdraws its application for a crypto license in Germany. This update comes following reports that it has been rejected by the country’s financial regulator BaFin.

Also, Binance withdraws its application amid its recent pullback from other European markets including Austria, Belgium, and the Netherlands. The global regulatory environment has not been entirely favorable to the crypto giant.

Recall that its United States arm Binance.US is still facing a lawsuit from the Securities and Exchange Commission over allegedly operating an unregistered exchange.

In an email response to CoinDesk, a Binance spokesperson said that the company has confirmed proactively withdrawing its BaFin license application. In addition, he pointed out that Binance still intends to apply for relevant licensing in Germany stressing that the global market and its regulation have changed significantly and the importance of its submission reflecting these changes.

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Related Reading: Ripple CLO Predicts XRP Ruling Will Favor Binance and Coinbase in Ongoing SEC Cases

A complaint filed by the U.S. Securities and Exchange Commission accusing Binance of running a “web of deception” has put the business and its CEO Changpeng Zhao under pressure since last month.

In June, Binance applied to deregister from Cyprus in a move to “divert its attention” to a larger market in the European Union. Ironically, the company also seized its operations in the Netherlands and Belgium.

Binance CEO Changpeng “CZ” Zhao stated earlier in June that despite a money laundering investigation in France, the country remains Binance’s flagship location in Europe, stressing that the European Union laws set to take effect in 2024 will allow crypto service providers to operate throughout the bloc with a single license.

Binance to reenter Japan

Even though Binance is facing regulatory issues in some parts of the world, other markets are opening its arm to the crypto giant. Earlier today, 36Crypto reported that Binance is set to resume its full-service operation in Japan in August.

The move was made possible after the company successfully acquired Sakura Exchange BitCoin (SEBC) – a fully FSA-regulated cryptocurrency exchange that operated in Japan.

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Binance was previously issued a warning by the Japanese Financial Service Agency (FSA) in 2021 which prompted the company to seize its operations in Japan and exit the country.

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Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.