Binance Withdraws German Crypto License Application - Is this Positive News?

[Sophie Robert]

In yet another withdrawal, Binance has officially announced that it is withdrawing its application for a license from the German financial regulator BaFin. The exchange is already under pressure from the EU countries as the company is also pulling back from other markets, including Austria, Belgium, and the Netherlands. Additionally, Binance’s U.S. arm is facing legal action from regulators for operating an unregistered exchange.

A Smart Move by Binance!
Whereas a spokesperson from Binance clarified that they have proactively withdrawn the BaFin application due to significant changes in the global market and regulatory landscape. However, they still plan to reapply for the appropriate licensing in Germany, ensuring that their submission accurately reflects the current changes in the industry.

France a priority
Despite a money laundering probe in France, Binance CEO Changpeng Zhao said France remained the exchange’s flagship center in Europe.

Well, Binance has calculated the market strength in Europe and to establish there they must ensure clear terms with the regulators. Hence despite the rejections and withdrawals company is hopeful to expand its horizon.

Read on - https://www.coindesk.com/policy/2023/07/26/binance-withdraws-german-crypto-license-application/