Prominent cryptocurrency exchange Binance has canceled its application for a crypto license in Germany as regulatory scrutiny on the exchange intensifies across the continent.

According to a report by Reuters, Binance withdrew its crypto custody license application only after the German Federal Financial Supervisory Authority (BaFin) reportedly informed the exchange it would not approve the request.

However, in explaining the reasons behind this recent move, a Binance spokesman highlighted a shift in the worldwide market and regulatory conditions to Reuters.

In addition, the representative also laid out the exchange’s plans to still reapply for a crypto license in Germany. 

The spokesperson said:

Binance confirms it has proactively withdrawn its BaFin (Germany’s financial regulator) application. The situation, both in the global market and regulation, has changed significantly. Binance still intends to apply for appropriate licensing in Germany, but it is essential that our submission accurately reflects these changes,

Binance Woes In Europe

Binance has been in the news lately regarding growing regulatory issues in Europe and other parts of the world.

In June, the exchange withdrew its crypto license request in Austria while choosing to shut down its services in the Netherlands after being denied a Virtual Assets Service Provider (VASP) license in both countries.

The Seychelles-based firm has also been ordered by Belgian financial authorities to halt its digital asset

Go to Source to See Full Article
Author: Semilore Faleti

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details