According to insiders, Germany’s financial watchdog, BaFin, has allegedly urged Binance to retract its license application.

The Wall Street Journal disclosed on July 28 that BaFin has expressed reservations about Binance’s intricate corporate structure and the firm’s founder, Changpeng Zhao, often referred to as “CZ.”

Binance Reevaluates European Expansion

Earlier this week, Binance revealed its decision to withdraw its German license application. Despite plans to reapply in the future, this move marks a significant obstacle in Binance’s European growth strategy.

Adding to its challenges in Germany, Binance has confronted regulatory setbacks in Belgium, the Netherlands, and the United Kingdom. The company also faces scrutiny over potential lapses in its Know Your Customer (KYC) protocols in France.

Read more: 7 Best Binance Alternatives in 2023

Belgium’s authorities, citing anti-money laundering regulations, instructed Binance to halt its operations in the co

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Author: James Morales

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