Binance, the world’s largest cryptocurrency exchange, has faced setbacks in expanding its operations in German-speaking countries. It recently retracted its license application from the Austrian financial regulator FMA. This is another setback for Binance’s efforts to expand in Europe, as it is already dealing with a lawsuit filed by the US SEC and difficulties obtaining licenses in other European countries. Binance withdrew its registration application with FMA due to undisclosed pressure from the authority. The company had previously announced plans for expansion in Austria, including launching a subsidiary named Binance Austria GmbH. Binance did not provide specific details about the setback but reiterated its commitment to operating in compliance with regulations and did not rule out a future return to the European market. The focus is currently on complying with forthcoming MiCA requirements. Binance’s license portfolio now includes select European countries. Despite challenges, the exchange is looking at other expansion opportunities, with the United Arab Emirates (UAE) being a potential location due to its well-defined crypto regulations and favorable stance towards the cryptocurrency industry. The UAE provides a supportive jurisdiction amidst ongoing legal disputes in other regions.
Continue reading on Crypto.news
By
By
By
By
By
By