Germany’s BaFin Rejects Binance Crypto Custody License: Report - Decrypt

Decrypt
Decrypt

29 Jun 2023 12:59 PM

Binance maintains it is “committed” to working with regulators amid reports of BaFin denying its application for a crypto custody license....

  • BaFin, the German financial regulatory authority, has reportedly informed Binance that it will not grant the exchange a crypto custody license.
  • The nature of the denial, whether it was a formal decision or expressed intention, remains unclear.
  • Binance has not confirmed or denied the report but stated that it continues to work to meet BaFin's requirements.
  • Coinbase Germany was the first entity to secure a BaFin license for operating a crypto custody platform.
  • Binance has around 2 million German users and is one of the largest platforms in the country.
  • The denial of a license would be a setback for Binance, especially after its banking partner Paysafe Payment Solutions announced its withdrawal of support.
  • Binance remains committed to working with regulators and preparing for compliance with new EU rules on crypto-assets (MiCA).

The sentiment of the article is mostly negative, as it highlights the denial of a license to Binance and the withdrawal of support from its banking partner. However, Binance remains committed to working with regulators and complying with regulations.

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