1. BITBILIHome
  2. Article

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

• 21 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Finance Forward revealed on June 26 that the exchange had withdrawn its application for regulatory permission in Austria.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

  • China central bank to cut reserve ratio for foreign exchange deposits 

    TL;DR Breakdown China’s central bank plans to reduce mandatory foreign currency reserves amid a 5% decline in the renminbi against the US dollar in 2023. China policymakers have accelerated the introduction of new measures to bolster the country’s currency and economy, focusing on the property sector. The People’s Bank of China will reduce banks’ foreign exchange reserve requirement from 6% to 4%, effective September 15. Description China’s central bank plans to reduce the mandatory foreign currency reserves held by financial institutions, which reflects their commitment to bolster the weakening renminbi. The currency has declined by over 5% against the US dollar this year, mainly due to concerns surrounding China’s economic recovery, which has been sluggish since they lifted COVID-19 restrictions at … Read more China’s central bank plans to reduce the mandatory foreign currency reserves held by financial institutions, which reflects their commitment to bolster the weakening renminbi. The currency has declined by over 5% against the US dollar this year, mainly due to concerns surrounding China’s economic recovery, which has been sluggish since they lifted COVID-19 restrictions at the…

    Article 2023年9月1日

  • Apple threatens to ban popular social media App over Bitcoin tipping

    TL;DR Breakdown The creators of the decentralized social media app Damus revealed that they had received a warning letter from Apple, stating that their app could be removed from the Apple app store. The integration of the Lightning Network widget enabled Damus to facilitate Bitcoin payments and tips directly on their platform which Apple claimed violates their policy. Many other cryptocurrency proponents questioned why tipping features on Twitter are permissible while Damus’s implementation of the same feature violates Apple’s policies. On June 13, the creators of the decentralized social media app Damus revealed that they had received a warning letter from Apple, stating that their app could be removed from the Apple app store. The reason behind this potential removal is the app’s “Zaps” feature, which allows users to tip each other and content creators in Bitcoin. The integration of the Lightning Network widget enabled Damus to facilitate Bitcoin payments and tips directly on their platform. However, Apple claimed that this feature violates their policy, which strictly prohibits any form of tipping other than through in-app purchases. According to Apple’s…

    Article 2023年6月16日

  • SEC clarifies Filecoin’s FIL token as security, Greyscale pushes back

    TL;DR Breakdown The SEC labels Filecoin’s FIL token as a security, leading to the rejection of Grayscale’s application for a Filecoin Trust product. Grayscale disagrees with the SEC’s decision, intending to present its legal rationale against the classification. This decision signifies the SEC’s intensified scrutiny of the crypto industry, spotlighting the ongoing debate over digital token classification under U.S. securities law. The world of digital currencies has been hit with another shockwave as the U.S. Securities and Exchange Commission (SEC) enters yet another dispute over the classification of a major cryptocurrency. This time, the regulator has identified the digital token of Filecoin (FIL), managed by Protocol Labs, as a security, creating ripples of concern within the global crypto industry. A regulatory crackdown on crypto In a recent statement, Grayscale Investments, one of the largest crypto asset management firms, announced that it received a letter from the SEC rejecting its application to launch a Filecoin Trust product. The SEC posited that Filecoin’s FIL token satisfies the criteria of a security under federal law and, therefore, Grayscale’s application was deemed inappropriate. This…

    Article 2023年5月19日

  • India’s digital finance leap: Aiming for the stars

    Description As Prime Minister Narendra Modi celebrated India’s remarkable strides in space with its moon landing, another massive leap was taking place closer to home: the finance sector. India is not just evolving, it’s rocketing ahead with audacious reforms that might just reshape the global financial landscape. From cash-reliant chaos to digital dynamo Decades ago, India’s … Read more As Prime Minister Narendra Modi celebrated India’s remarkable strides in space with its moon landing, another massive leap was taking place closer to home: the finance sector. India is not just evolving, it’s rocketing ahead with audacious reforms that might just reshape the global financial landscape. From cash-reliant chaos to digital dynamo Decades ago, India’s financial system was laughably archaic. It was a playground for fraudsters, tax evaders, and bribe-takers, thanks to a cash-reliant model. But Modi wasn’t having any of it. The audacious 2016 move to yank high-value notes from circulation was a firecracker decision. Sure, it was disruptive and chaotic, but sometimes you need to shake the tree to get rid of the bad apples. Coupled with the advent…

    Article 2023年8月28日

  • Philippines SEC uncovers Gemini’s illegal operations

    TL;DR Breakdown The Philippines SEC has issued a warning to the public regarding the investment in Gemini’s Gemini Derivatives product. The SEC advisory, posted on their website, states that Gemini Derivatives falls under the category of securities according to Philippine law and should be registered with the SEC. The agency warns that individuals selling or promoting unregistered securities may face penalties, including fines of up to 5 million pesos ($89,826) or imprisonment for up to 21 years. The Securities and Exchange Commission (SEC) in the Philippines has issued a warning to the public regarding the investment in Gemini’s Gemini Derivatives product. The SEC advisory, posted on their website, states that Gemini Derivatives falls under the category of securities according to Philippine law and should be registered with the SEC. However, Gemini lacks the necessary licensing and authority to operate in the country, making it an unregistered security. The advisory also highlights the complaints filed by the United States Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission against the crypto exchange. It further quotes comments made by…

    Article 2023年5月24日
TOP