German Regulator Denies Binance's Request Custody License
Binance experienced yet another setback in pursuing a crypto custody license in Germany. The company's application, submitted to BaFin....
- Binance's application for a crypto custody license in Germany has been rejected by BaFin, the country's financial watchdog.
- It is unclear whether the rejection was a formal decision or an indication during ongoing discussions.
- Binance is committed to complying with BaFin's requirements and believes it has the right team and measures in place to continue discussions.
- Recent reports suggest that Binance has faced challenges in several European countries, including Austria, Cyprus, the Netherlands, France, Belgium, and the United States.
- Binance plans to streamline its European strategy in anticipation of forthcoming crypto regulation in the EU.
- Binance's European banking partner, Paysafe, has decided to discontinue support for euro-denominated bank transfers to and from the crypto platform.
- Binance is actively seeking an alternative provider to maintain seamless operations for its users.
The article highlights setbacks and challenges faced by Binance in pursuing a crypto custody license in Germany and operating in Europe. However, Binance remains confident in its ability to comply with regulations and find alternative solutions.