Binance has officially withdrawn its crypto license application from Germany, a month after reports of facing rejection from the BaFin.
Binance has withdrawn its cryptocurrency custody license application in Germany. The exchange confirmed its withdrawal to Cointelegraph on July 26, nearly a month after reports of rejections from The German Federal Financial Supervisory Authority .. However, at the time, it was unclear whether the regulator officially denied Binance’s application or if it verbally informed the company. However, Binance has now confirmed that it has formally withdrawn its license application.
A spokesperson from Binance told Cointelegraph that they intend to re-apply for a license in Germany with changes to their application reflecting the changes in the regulatory environment and said: "Binance confirms that it has proactively withdrawn its BaFin application. The situation, both in the global market and regulation has changed significantly. Binance still intends to apply for appropriate licensing in Germany, but it is essential that our submission accurately reflects these changes."
The crypto exchange's CEO Changpen Zhao has said that they will focus on becoming compliant with markets in crypto assets regulations to be able to offer its services in European countries. However, after its regulatory troubles in the United States, its European expansion plans have taken a setback.
The crypto exchange is facing multiple investigations in the U.S. from the financial regulators, similarly the crypto exchange is also facing
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