BaFin Denies Binance’s Custody License Application, Paysafe to End Support
– Germany’s financial regulator, BaFin, has reportedly denied Binance’s application for a custody license.
– It is unclear whether BaFin’s denial was a formal decision or an intention to deny.
– Binance is working to comply with BaFin’s requirements and remains confident in its team and measures.
– Paysafe, Binance’s current euro banking partner, will stop supporting the crypto exchange after September 25.
– Paysafe’s decision follows a strategic review and will impact euro-denominated bank transfers to and from Binance.
– Binance will be changing the provider for EUR deposits and withdrawals via Bank Transfer (SEPA) and has assured customers that no other fiat currencies or services are affected.
– Users will need to update their banking details and may be required to accept new terms and conditions after September 25.
Binance’s Regulatory Woes and Commitment to Compliance
– Binance has faced regulatory challenges in various countries, including the Netherlands, Cyprus, France, Belgium, and Austria.
– The exchange is focused on becoming fully compliant with the new EU rules on crypto-assets (MiCA).
– Binance and its CEO, Changpeng Zhao, are facing a lawsuit from the SEC in the United States, which has put pressure on the exchange.
– Binance’s native cryptocurrency, BNB, has seen a significant decrease in value since the lawsuit was announced.
– Coinbase is also facing a lawsuit from the SEC.
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