Binance Withdraws German Crypto License Application

The move follows reports it had been rejected by financial regulators, and amid a pullback from markets including Austria, Belgium and the Netherlands

AccessTimeIconJul 26, 2023 at 11:27 a.m. UTC
Updated Jul 26, 2023 at 8:30 p.m. UTC
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Binance has withdrawn its application for a license from German financial regulator BaFin, the company told CoinDesk.

The move follows a retrenchment from markets including Austria, Belgium and the Netherlands, and as its U.S. arm is sued by regulators for operating an unregistered exchange.

“Binance confirms that it has proactively withdrawn its BaFin application,” a spokesperson told CoinDesk in an emailed statement. “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."

In June, Finance Forward reported sources saying the company was set to be denied a license by BaFin, but a Binance spokesperson at the time said it was continuing discussions with officials.

Binance has also given up its registration with Cyprus' securities regulator, decided to quit the Netherlands after a failed attempt to register, and has been ordered to halt operations in Belgium.

Earlier in June, Chief Executive Officer Changpeng “CZ” Zhao has said France remained Binance’s flagship center in Europe, in spite of a money laundering probe there, and European Union laws set to take effect in 2024 will allow crypto service providers to operate across the bloc with a single license.

Edited by Parikshit Mishra.


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Jack Schickler

Jack Schickler is a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He doesn’t own any crypto.

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