BaFin, Germany’s financial regulator, has reportedly rejected Binance’s application for a crypto custody license.
Forward Finance broke the news that BaFin has reportedly rejected Binance’s crypto custody license application. Although Binance has not yet decided whether to withdraw its application, it is unclear whether the denial was formal or merely informal.
The alleged refusal of a custody license has impeded Binance’s ambitions to advertise in Germany. Only licensed businesses are permitted to advertise in the nation, yet Binance reportedly has 2 million users.
The exchange is in trouble with authorities all around the world, which further contributes to Binance’s regulatory problems.
Both in the US and Europe, Binance is having issues with regulations. Although the firm is making an effort to adhere to MiCA standards throughout Europe, it has encountered resistance from regulators in several nations.
The largest cryptocurrency exchange in the world, Binance, is being closely regulated.
The company is under investigation in France on money laundering charges, and it has recently exited the Dutch market and applied to wind down its services in the United Kingdom and Cyprus.
Binance is committed to working with regulators around the world and is focused on complying with the new EU rules on crypto-assets (MiCA).