German Regulator Denies Binance's Request Custody License

Bitcoinist
Bitcoinist

29 Jun 2023 7:00 PM

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.

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You May Ask

What setback did Binance experience in pursuing a crypto custody license in Germany?Who rejected Binance's application for the license?What challenges has Binance faced in other European countries?What is Binance's plan to navigate forthcoming crypto regulation in the EU?Why did Binance lose support from its European banking partner, Paysafe?

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