Binance has withdrawn its license application with German regulator BaFin, citing changing global markets and regulations ahead of the Markets in Crypto-Assets (MiCA) bill.
The exchange said today that it would resubmit an application that, if approved, would boost its European presence in a key market ahead of new crypto laws.
Binance Rejection Rumors Circulated
Rumors of rejection by BaFin have been doing the rounds since a June report by the German website Finance Forward.
In the article, a Binance spokesperson said they were engaged in ongoing discussions with BaFin. At the time, the German regulator declined to comment.
Previously, Binance’s national head Jonas Jünger told Börsen-Zeitung, a daily financial newspaper, that BaFin’s barrier to entry was “rightly high.” In 2021, the regulator rebuked Binance for offering tokenized stocks of American companies without compliant investment prospectuses.

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Author: David Thomas