Binance Drops License Application in Austria Amidst Regulatory Pressure: Latest Blow to EU Expansion

By Lola Coin Jun 26, 202371Views

Cryptocurrency exchange Binance has withdrawn its license application with the Financial Market Authority of Austria. The reasons behind the withdrawal remain undisclosed, but a Binance spokesperson stated that the company is committed to complying with regulatory obligations wherever it operates. Binance had established Binance Austria GmbH last year in an attempt to obtain a license for its subsidiary. Austria now joins a growing list of European markets that Binance is exiting. In recent weeks, Binance announced its departure from the Netherlands after failing to secure regulatory approval and applied to deregister in Cyprus. It also canceled its registration with the UK Financial Conduct Authority. Binance is currently facing regulatory challenges in several other countries, including Italy, Spain, France, Belgium, and the United States.

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