In Germany, Binance’s application for a license has been rejected by BaFin due to not meeting regulatory requirements.
– BaFin, Germany’s financial regulator, denied Binance a license for crypto-exchange operations.
– German regulatory requirements were deemed too high for Binance.
– Binance is working to comply with BaFin’s requirements and continue discussions with regulators.
– Without a German crypto custody license, Binance cannot advertise in the country but can still be used.
– BaFin refused to comment on their decision and individual companies due to secrecy requirements.
– Jonas Jünger is in charge of Binance in Germany and is working towards obtaining the necessary license.
– This month has been turbulent for Binance, with charges from the SEC in the US and withdrawals from markets in Cyprus and the Netherlands.
– Binance is streamlining its European strategy in response to new cryptocurrency regulations.
Hot Take:
Binance’s failure to obtain a license in Germany is a setback for its European expansion. However, the company remains committed to meeting regulatory requirements and continuing discussions with regulators. Despite the limitations imposed by the rejection, Binance can still be used in Germany, but advertising in the country is prohibited. The company’s recent challenges, including legal charges and withdrawals from other markets, highlight the complexities and evolving regulatory landscape of the cryptocurrency industry. Binance’s decision to streamline its European strategy in response to new regulations demonstrates its commitment to adapt and navigate these changes.
Continue reading on Cryptonomist.ch
By
By
By
By
