- German regulator rejected Binance’s request without explanation
- A company spokesperson also could not share details of negotiations with regulators
The cryptocurrency exchange Binance has suffered another setback in Europe. This time she failed to obtain a cryptocastodian license in Germany. The local regulator BaFin reportedly rejected the company’s application.
A representative of the crypto exchange commented on the situation, but did not disclose details of negotiations with regulators:
“Our work to comply with BaFin requirements continues.. As expected, this process is detailed and continuous. We are confident in our team and the steps we have taken to continue negotiations with regulators in Germany.”
He also added that Binance remains committed to working with regulators around the world as well as focusing on preparing businesses to comply with new EU regulations (MiCA)
Binance withdrew its application for regulatory approval in Austria on June 26. In addition, the company terminated the registration process with the securities regulator in Cyprus and decided to leave the Netherlands after unsuccessful attempts to register there. The exchange was also ordered to halt its operations in Belgium, following accusations from the U.S. securities regulator of using an unregistered trading platform.
Binance’s banking partner in Europe, Paysafe Payment Solutions, said today that it will suspend processing payments in EUR, starting Sept. 25. This may be dictated by the sharply increased regulatory pressure on the exchange in the EU.