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BaFin Rejects Binance’s Application for Crypto Custody License

Binance, a popular crypto exchange, has faced a setback in its pursuit of a license in Germany. The country’s financial regulator, BaFin, recently declined to grant approval to Binance, hindering the company’s plans to expand its operations.

Details regarding the denial of Binance’s license in Germany remain unclear. It is not known whether BaFin’s decision is official or simply an expressed intention during ongoing discussions, according to a report by Finance Forward.

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A spokesperson from BaFin declined to comment on the specific company, while a representative from Binance confirmed the situation. They mentioned that they are actively working towards meeting BaFin’s requirements and expressed confidence in their team and measures. Binance remains committed to continuing discussions with regulators in Germany.

Earlier, Binance withdrew its application for regulatory approval in Austria, as reported by Finance Forward on June 26. The company also chose to abandon its registration process with Cyprus’s securities regulator and exited the Netherlands after an unsuccessful registration attempt.

In response to the situation in Germany, Binance has affirmed its commitment to collaborating with regulators globally. With the upcoming EU Crypto Assets Regulations (MiCA), the company aims to comply fully and align its operations accordingly.

Compiled by Coinbold