1. BITBILIHome
  2. Article

Binance’s European expansion hits roadblock as German regulator rejects licence application

• 107 views

TL;DR Breakdown

  • Binance’s application for a crypto custody licence from Germany’s BaFin was rejected.
  • The upcoming EU crypto law allows crypto firms to operate across a single market after obtaining regulatory licences in any region.
  • Binance is focused on adapting its European strategy to align with the forthcoming regulatory framework and emphasizes its commitment to regulatory compliance.

Description

Binance, one of the world’s largest cryptocurrency exchanges, faced another setback as its application for a crypto custody licence from Germany’s financial watchdog, BaFin, was rejected on Thursday. According to a source, the rejection came amidst uncertainty regarding whether it was a formal decision or conveyed intention during ongoing negotiations. BaFin, bound by Germany’s professional … Read more

Binance, one of the world’s largest cryptocurrency exchanges, faced another setback as its application for a crypto custody licence from Germany’s financial watchdog, BaFin, was rejected on Thursday. According to a source, the rejection came amidst uncertainty regarding whether it was a formal decision or conveyed intention during ongoing negotiations.

BaFin, bound by Germany’s professional secrecy requirements, could not provide specific comments on individual businesses. However, recent reports indicate challenges for Binance across various European countries.

Finance Forward revealed on June 26 that the exchange had withdrawn its application for regulatory permission in Austria. Furthermore, Binance abandoned its operations in the Netherlands after its attempt to register with the country’s securities regulator failed. Compounding its troubles, the company was forced to cease operations in Belgium due to undisclosed reasons.

These developments coincide with the forthcoming EU crypto law, permitting cryptocurrency firms to operate throughout the European Union’s single market upon obtaining regulatory licences within any of its regions. Consequently, Binance has focused on adapting its European strategy to align with this new regulatory landscape.

Binance emphasized its commitment to working closely with regulators worldwide while actively preparing its operations to achieve full compliance with the upcoming EU regulation on crypto-assets, known as MiCA. The company’s intention to adhere to the future framework demonstrates its recognition of the significance of regulatory compliance and its determination to operate within legal boundaries.

Binance’s recent challenges highlight the increasing scrutiny faced by cryptocurrency exchanges globally. Amidst allegations from the U.S. securities regulator of operating an unlicensed trading platform, the exchange has encountered significant obstacles in multiple European jurisdictions. Nevertheless, Binance remains resilient and is strategically working towards compliance with regulatory frameworks, indicating its willingness to adapt and overcome obstacles in its quest to provide cryptocurrency services to users worldwide.

Moreover, the company’s decision to concentrate on aligning its business operations with the impending EU crypto law reflects a proactive approach to navigating the evolving regulatory environment and ensuring its long-term viability. As the cryptocurrency landscape evolves, industry players like Binance must navigate regulatory complexities to maintain their position as key players in the rapidly expanding crypto market.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:Binance’s European expansion hits roadblock as German regulator rejects licence application

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年7月2日 01:33
Next 2023年7月2日 04:01

Related articles

  • Blackpink makes entrance into Roblox’s metaverse

    TL;DR Breakdown South Korean pop group Blackpink has entered the metaverse through Roblox. The group sets its sight on an expansion in the metaverse. Description South Korean pop sensation Blackpink, known for making history as the first K-pop group to headline Coachella, is venturing into the virtual realm of Roblox. The quartet is set to grace the metaverse with a dedicated fan hub, marking a significant step in its digital presence. Named “Blackpink: The Palace,” this immersive experience promises to … Read more South Korean pop sensation Blackpink, known for making history as the first K-pop group to headline Coachella, is venturing into the virtual realm of Roblox. The quartet is set to grace the metaverse with a dedicated fan hub, marking a significant step in its digital presence. Named “Blackpink: The Palace,” this immersive experience promises to be a permanent addition to Roblox, allowing devoted fans (affectionately referred to as Blinks) to engage with the group’s music and recreate their iconic choreography within the virtual realm. The hub will serve as a hub for fans to connect, celebrate, and…

    Article 2023年8月23日

  • BRICS Bloc confirms the status of its new members

    TL;DR Breakdown A Russian diplomat has confirmed that the newly invited members of the BRICS have accepted the invitation. BRICS members to decide on balance at the next summit. Description The BRICS summit, an annual gathering of member countries Brazil, Russia, India, China, and South Africa, recently concluded its 15th edition in South Africa with significant developments. Notably, the existing five member states extended invitations to six nations to join the group, ushering in a new phase of expansion for the influential bloc. The invitations … Read more The BRICS summit, an annual gathering of member countries Brazil, Russia, India, China, and South Africa, recently concluded its 15th edition in South Africa with significant developments. Notably, the existing five member states extended invitations to six nations to join the group, ushering in a new phase of expansion for the influential bloc. The invitations were accepted, affirming the shared desire to enhance collaboration and cooperation within BRICS. Russian diplomat hails the positive start to the expansion Russian Deputy Foreign Minister Sergey Ryabkov, a prominent figure in the summit, revealed that all…

    Article 2023年8月27日

  • BlackRock hails AI as the ‘mega force’ for heavy returns

    TL;DR Breakdown BlackRock, which oversees $10 trillion in assets, has called artificial intelligence a “mega force” that might boost returns in today’s “unusual” market. BlackRocks’ AI focus stands at the advantages of automation while underscoring that AI would have adverse negative effects on white-collar jobs. BlackRock said the extent of the concentration of gains on the S&P 500 surpassed levels seen in the 2000s tech boom. Larry Fink speculates that “transformative opportunities” in artificial intelligence could resolve the productivity crisis he attributes to persistently high inflation. Description Global investment titan BlackRock, which administers approximately $10 trillion in assets, has declared artificial intelligence a “mega force” that has the potential to generate significant returns for investors in today’s “unusual” market. In its midyear outlook report, the BlackRock Investment Institute outlined its thesis for increased investment in artificial intelligence, citing multiple “disruptive” themes that … Read more Global investment titan BlackRock, which administers approximately $10 trillion in assets, has declared artificial intelligence a “mega force” that has the potential to generate significant returns for investors in today’s “unusual” market. In its midyear…

    Article 2023年7月2日

  • Multichain loses another $103 million in a potential rugpull

    TL;DR Breakdown Multichain has suffered another $103 million hack in a potential inside job. Implications of the action on Defi and trust in the crypto space. Description In what is being considered one of the largest cryptocurrency hacks to date, cross-chain bridge Multichain fell victim to a devastating breach resulting in the loss of $125 million. Recent reports from blockchain data firm Chainalysis suggest that the exploit may have been an inside job, leaving the cryptocurrency community stunned and searching for answers. … Read more In what is being considered one of the largest cryptocurrency hacks to date, cross-chain bridge Multichain fell victim to a devastating breach resulting in the loss of $125 million. Recent reports from blockchain data firm Chainalysis suggest that the exploit may have been an inside job, leaving the cryptocurrency community stunned and searching for answers. In a new twist, the firm has lost another $103 million which were transferred in bits to different addresses. Multichain has now lost $228 million to exploits Multichain, formerly known as Anyswap, operates as a cross-chain protocol that enables the…

    Article 2023年7月12日

  • Liquity price analysis: LQTY price rises as bullish sentiment drives the figure up to $1.34

    TL;DR Breakdown Liquity price analysis is bullish today Resistance for LQTY/USD is present at $1.42 Support for Liquity coin is seen at $1.30 Liquity price analysis shows a positive trend for the LQTY/USD pair. The coin has been trading in positive sentiment for the last few hours after recovering from the bearish pressure that was in control earlier today. The bullish pressure on the coin has been strong, and it has managed to break above the $1.34 level. The coin has moved up 1.26% over the last 24 hours, and buying activity is likely to increase further in the coming days. The next target for the LQTY/USD pair would be at the $1.42 resistance level, which is expected to be a strong hurdle for bulls. If breached successfully, we could expect further gains in the coming days.  On the other hand, the coin is likely to face support at $1.30, which was a current trading level earlier. If this support does not hold up, the coin could pull back to the $0.998 level. Today’s market opened trading at a low…

    Article 2023年5月19日
TOP