Germany’s BaFin Rejects Binance Crypto Custody License

Coinscreed
Coinscreed

29 Jun 2023 10:26 PM

Binance, a major cryptocurrency exchange, recently faced setbacks in pursuing licenses and regulatory approvals in Europe. Germany’s BaFin Rejects Binance...

  • Binance, a major cryptocurrency exchange, has faced setbacks in obtaining licenses and regulatory approvals in Europe.
  • The German financial regulator, BaFin, denied Binance's request for a cryptocurrency custody license.
  • Binance has claimed to be working towards complying with BaFin's rules, but it is unclear how the refusal was communicated.
  • Binance also withdrew its application for regulatory approval in Austria and faced difficulties obtaining registration in the Netherlands.
  • The company's registration with the Cyprus Securities Commission was revoked.
  • The US Securities and Exchange Commission accused Binance of operating an unauthorized trading platform, leading to a suspension of its operations in Belgium.
  • Binance expressed its intention to streamline its European approach to adapt to upcoming cryptocurrency regulations set by the European Union.
  • Cryptocurrency exchanges face challenges in navigating the complex and evolving regulatory landscape in Europe.

The article highlights the challenges faced by Binance in obtaining licenses and regulatory approvals in Europe, indicating setbacks and difficulties. However, Binance is working towards compliance and expressing its intention to adapt to upcoming regulations.

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You May Ask

What setback did Binance face in pursuing licenses and regulatory approvals in Europe?Which financial regulator denied Binance's request for a cryptocurrency custody license?What actions did Binance take in response to the difficulties faced in obtaining registration in the Netherlands?Why did the US Securities and Exchange Commission suspend Binance's operations in Belgium?What approach does Binance intend to take to adapt to upcoming cryptocurrency regulations in Europe?

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