Binance Withdraws Its German Crypto License Application

Binance officially withdrew its application for a crypto license in Germany after regulators denied the exchange’s application in June. Crypto exchange Binance confirmed it has “proactively withdrawn” its application for a crypto license in Germany. German Regulators Deny Binance’s Application Reports indicate that Binance officially withdrew its BaFin application. Reuters cites a spokesperson for the exchange who said: “Binance confirms it has proactively withdrawn its BaFin (Germany’s financial regulator) application. The situation, both in the global market and regulation, has changed significantly.” Adding, “Binance still intends to apply for appropriate licensing in Germany, but it is essential that our submission accurately reflects these changes.” Crypto news website CoinDesk first reported Binance’s application withdrawal. German-based Finance Fwd website reported last month that Germany’s Federal Financial Supervisory Authority (BaFin) either officially denied Binance crypto custody licence application or verbally informed the exchange of its decision. A spokesperson for the exchange said at the time: “Even if we cannot share details of our discussions with the regulators, we will continue to work to meet Bafin’s requirements. It is an ongoing process.” Adding, “We are confident that we have the right team and the appropriate measures to continue our discussions with the regulatory authorities in Germany.” Regulatory Pressure Catches Up Binance has been met with regulatory challenges after the US SEC sued the exchange and its CEO, Changpeng ‘CZ’ Zhao, alleging it violated US securities laws and operated a “web of deception.” The exchange and its CEO vehemently deny the SEC allegations. The exchange is facing further difficulties as it exits the Netherlands after failing to meet the requirements to obtain a virtual asset service provider (VASP) license. Binance is also under investigation by French financial regulators and has been since 2022. The investigation reported centres around “acts of illegal exercise of the function of service provider on digital assets (PSAN), and acts of aggravated money laundering.” Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.