- In late June, month-old regulator BaFin rejected the company’s application for a crypto license.
- Binance had previously failed to obtain regulatory approval in several other jurisdictions.
Cryptocurrency exchange Binance has withdrawn its license application from Germany’s Federal Financial Supervisory Authority (BaFin). Company representatives confirmed this information to CoinDesk:
“Both the global market and regulatory situation has undergone significant changes. Binance plans to apply for appropriate licensing in Germany, but it is important that our application accurately reflects these new conditions.”
On June 29, the Binance exchange failed to obtain a cryptocustodian license in Germany. Local regulator BaFin rejected the company’s application. At the time, a spokesperson for the cryptocurrency exchange said that “BaFin compliance work is ongoing.”
Reminder, Binance announced in early June that it had filed to deregister its Cypriot unit as a crypto service provider. The company later said it was forced to withdraw from the Dutch market. And at the end of the month, the exchange suspended the license process at the Austrian Financial Market Authority.
And at the end of the month, the exchange suspended the license process at the Austrian Financial Market Authority.