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