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

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

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

“Binance confirms that it has proactively withdrawn its BaFin application.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It is noted that Binance has abandoned efforts to secure an operating license in Cyprus, has withdrawn from the Dutch market for similar reasons and has “frozen” its operation in Belgium.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

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