Binance has withdrawn its crypto license application from BaFin in Germany due to increasing regulatory tension in Europe.
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Binance, the largest cryptocurrency exchange by volume, has withdrawn its application for a license from BaFin, the German financial regulator. The decision was made after German officials declined to grant the exchange a cryptocurrency custody license. This move comes amid increasing demands from regulators worldwide.
Binance’s decision to withdraw its application from BaFin was influenced by its exit from markets in Austria, Belgium, and the Netherlands.
Additionally, its American arm facing a lawsuit from regulators for operating an unlicensed exchange played a role in the decision. These regulatory challenges prompted Binance to reevaluate its operations in different jurisdictions.
Binance’s spokesperson confirmed the withdrawal of their BaFin application, stating that the global market and regulatory landscape have undergone significant changes. Binance remains committed to seeking appropriate licensing in Germany, but they want to ensure their application accurately reflects the current circumstances.
Binance is facing regulatory challenges in Europe, leading to the withdrawal of licensing applications in several European nations.
Key Binance Executives Depart Europe
Several key executives from Binance who were responsible for growing the company’s operations in Europe have either departed or are set to do so. Michael Wild, who was in charge of expanding Binance’s operations in Germany, Switzerland, and Austria, left the company earlier this year.
Binance has faced setbacks in various European countries, including unsuccessful registration attempts in the Netherlands and Cyprus, and a directive to halt operations in Belgium. However, CEO Changpeng Zhao mentioned that France remains their main hub in Europe, despite a money laundering investigation.
Binance Loses Market Share
Amid increasing regulatory scrutiny, Binance, the world’s largest cryptocurrency exchange, and its US affiliate have witnessed a decline in their market share this year.
Analytics firm Kaiko reports that Binance’s global market share has dropped from 60% to 52% since the beginning of the year, largely due to the SEC’s actions against the exchange for alleged violations of regulatory guidelines.
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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