German financial regulator, BaFin, has denied Binance’s application for a license to provide cryptocurrency custody services.
As per a report by Finance Forward, Germany’s financial authority has decided not to grant Binance a license for cryptocurrency custody services, based on information from reliable sources.
It is unclear from the source whether the refusal to grant Binance a custody license was an official decision by the German Federal Financial Supervisory Authority (BaFin) or if it was communicated during ongoing discussions.
A spokesperson for Binance mentioned that they are unable to share specific details about their discussions with authorities. However, they expressed their commitment to meeting the conditions set by BaFin. They acknowledged that the process is expected to be intricate and ongoing.
BaFin has chosen not to provide comments on individual companies due to the strict confidentiality requirements in Germany. As reported by Finance Forward on June 26, Binance has decided to withdraw its application for regulatory approval in Austria.
In addition, the company has ended its registration with the securities commission in Cyprus and made the decision to withdraw from the Netherlands after an unsuccessful registration attempt. At the same time, Binance has temporarily halted its operations in Belgium due to allegations from the U.S. securities authority regarding the operation of an unlicensed trading platform.
To adapt to an upcoming crypto law introduced by the European Union, Binance has revealed its plan to streamline its strategy in Europe. Under this law, crypto companies can operate across the region by obtaining regulatory approval from a single member nation.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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