German Financial Regulator Rejects Binance’s Application for Cryptocurrency Custody License
According to a report, the German financial regulator BaFin rejected Binance’s application for a cryptocurrency custody license. Germany’s financial authority has chosen not to grant Binance a custody license for cryptocurrencies.
- BaFin has rejected Binance’s application for a cryptocurrency custody license.
- The refusal of the license is not confirmed as an official decision by BaFin.
- Binance spokesperson states they are trying to comply with BaFin’s conditions.
BaFin has declined to comment on specific firms due to professional confidentiality requirements. Binance has withdrawn its application for regulatory permission in Austria and terminated its registration with the securities commission in Cyprus. Binance has also decided to exit the Netherlands following an unsuccessful registration attempt and has suspended operations in Belgium. Binance is facing allegations from the U.S. securities authority for operating an unlicensed trading platform.
Binance to Simplify European Strategy in Preparation for New Crypto Law
Binance has announced its intention to simplify its European strategy in preparation for the implementation of a new crypto law by the European Union. This law will allow crypto enterprises to operate within a single market as long as they obtain regulatory clearance in one of the member nations.
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