Binance withdraws crypto license application in Germany

Leading cryptocurrency exchange has withdrawn its cryptocurrency license application in Germany. The exchange confirmed its withdrawal to Cointelegraph on July 26, nearly a month after reports of rejections from The German Federal Financial Supervisory Authority (BaFin).

On June 29, BaFin reportedly rejected crypto exchange’s custody license. However, at the time it was unclear whether the crypto exchange’s application was denied by the regulator or if it was verbally informed of the same. However, today Binance confirmed that it had formally withdrawn its license application.

A spokesperson from Binance told Cointelegraph that they intend to re-apply for a license in Germany and said:

“Binance confirms that it has proactively withdrawn its BaFin application. The situation, both in the global market and regulation has changed significantly. Binance still intends to apply for appropriate licensing in Germany, but it is essential that our submission accurately reflects these changes.” 

The crypto exchange’s CEO Changpen Zhao has said that they will focus on becoming compliant with markets in crypto assets (MiCA) regulations to be able to offer its services in European countries. However, after its regulatory troubles in the United States, its European expansion plans have taken a setback.

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Prior to its withdrawal from Germany, the crypto exchange also exited the Dutch market after failing to secure a virtual asset service provider license from regulators in the country. The crypto exchange also applied to wind down its services in the United Kingdom and Cyprus.

This is a developing story, and further information will be added as it becomes available.