Binance withdraws crypto license application in Germany

The crypto exchange’s move to withdraw its license in Germany comes amid reports that the exchange faced rejection from regulators.

Binance has withdrawn its cryptocurrency custody license application in Germany.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 the crypto exchange’s custody license. However, at the time, it was unclear whether the regulator officially denied Binance’s application or if it verbally informed the company. However, Binance has now confirmed that it has formally withdrawn its license application.

A spokesperson from Binance told Cointelegraph that it intends to re-apply for a license in Germany, with changes to its application reflecting the changes in the regulatory environment:

“Binance confirms that it has proactively withdrawn its BaFin application.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.

The crypto exchange is facing multiple investigations in the U.S. from the financial regulators, similarly the crypto exchange is also facing investigation in France since early 2022. 

Related: Don’t follow the US: Blockchain Aus CEO hammers ‘regulation by enforcement’

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.

Magazine: Crypto City guide to Sydney: More than just a ‘token’ bridge

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