Financial Service of Germany (BaFin) decided not to grant a license to cryptocurrency Binance. This was reported by Finance Forward, citing sources familiar with the topic.
Latest
German regulator rejects Binance license application
.
The sources do not specify whether the refusal was an official decision of BaFin or the intention expressed in the ongoing discussion right now.<br
“While we cannot share details of the negotiations with regulators, our site continues to work toward BaFin compliance. As expected, it is a long continuous process. We are confident that we have the right team and that is why we are continuing talks with German regulators,” said a Binance spokesperson.
BaFin declined to officially comment on the decision, citing German laws.
Earlier it became known that Binance withdrew its application for regulatory approval in Austria. The company also refused to register with the Cypriot securities regulator and decided to leave the Netherlands after an unsuccessful attempt to register. The exchange was ordered to halt operations in Belgium as the firm faced accusations from the U.S. securities regulator for allegedly using an unregistered trading platform.
It was recently reported
it was revealed: EU authorities suspect that Binance subsidiaries in Ireland and Malta may be operating illegally.
Paysafe Payment Solutions, which is Binance’s banking partner in Europe, said it will stop supporting the site as of September 25.