Binance’s Strategic Shift: Withdrawing Cryptocurrency Exchange Applications Amid Changing Regulatory Landscape

Germany, Cyprus, and More: Binance Adapts as European Market Dynamics Evolve

Binance announced on Wednesday that it is withdrawing its request to officially operate as a cryptocurrency exchange in Germany.

- Advertisement -

“Binance confirms that it has proactively withdrawn its BaFin application. The situation, both in the global market and in regulation, has changed significantly. Binance still intends to apply for appropriate licensing in Germany, but it is important that our submission accurately reflects these changes,” a company spokesperson said in a statement.

As reported by Coindesk, the move comes after Germany’s financial market regulators in June rejected Binance’s request for a cryptocurrency license in the European country.

It is noted that Binance has abandoned efforts to secure an operating license in Cyprus, has withdrawn from the Dutch market for similar reasons and has “frozen” its operation in Belgium.

In June, the company’s chief executive, Changping Zhao, said that France remains Binance’s focus in Europe, despite the French authorities’ investigation of the company on money laundering charges.

Zhao had noted that European Union regulation expected to come into force in 2024 will allow crypyo exchanges to operate under a single license across the EU.

🔴 READ NEXT

Previous Articles:

- Advertisement -

Latest

American Engineer Drugged, Robbed in Sophisticated London Crypto Heist

An American software engineer lost approximately $123,000 in cryptocurrency after being drugged and robbed in London.The victim was targeted by an impersonator posing as...

Max Keiser Doubts New Bitcoin Treasuries’ Discipline in Bear Market

Bitcoin-focused companies are increasingly copying the treasury strategy used by Michael Saylor's Strategy.Max Keiser raised doubts about whether these newer companies can maintain commitment...

South Korea Election Puts Crypto Policy at Center of Debate

Nearly one-third of South Koreans hold digital assets, making crypto a vital issue in the upcoming presidential election.Both major parties support crypto exchange-traded funds...

Scottsdale Residents Lose $6M to Crypto Scams; Police Respond

Scottsdale residents have reported losing over $6 million to cryptocurrency Scams in 2024.Authorities say actual losses could be higher, as not all cases are...

Ethereum Bullish Patterns Signal Altseason, 55% Rally Possible

Ethereum is showing two bullish chart patterns against Bitcoin, indicating a possible 30–55% price increase. Crypto analysts say an ETH/BTC rally could spark a broad...

Must Read

Top 10 Best Blockchain Games

If you want to know about the best blockchain games then read this article carefully. We listed the best games you can play and...