Binance’s Official Crypto German License Denied

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Official Crypto leader, Binance, has suffered a major blow in their hopes of achieving MiCA compliance. In a dramatic turn of events, the official crypto giant has received a thumbs-down from Germany’s BaFin. This marks yet another European nation where Binance finds itself tangled in regulatory red tape.

The Big No from BaFin

Germany’s top financial watchdog, BaFin, has thrown out Binance’s appeal for a crypto custody license. This is an essential key for the brand’s growth and promotional strategy in Germany, according to Finance FWD, a leading German crypto media outlet.

Unfulfilled Mandate in Binance’s Germany Operations

A few months into his tenure as head of Binance in Germany, Jonas Jünger found himself confronted with a formidable task: acquire a license from BaFin. Now, insiders report that BaFin has decided against granting the exchange a crypto custody license. This resolution has allegedly been communicated to Binance.

The Official Crypto Statement

Despite the rejection, Binance remains vague about the specifics of its ongoing discussions with BaFin. Yet, they assure their customers and stakeholders of their dedication to meeting BaFin’s standards. The company’s unwavering confidence in its team and their capabilities underlines their commitment to maintaining a dialogue with German authorities:

“We are confident that we have the right team and measures in place to continue our discussions with regulators in Germany.”

What’s the Real Deal?

As of now, it remains unclear whether BaFin has formally rejected Binance’s application or communicated its decision informally. Therefore possibly prompting Binance to withdraw its application. However, a Binance spokesperson echoed the same sentiment, stressing the company’s commitment to satisfying BaFin’s requirements.

Binance and the European Regulatory Hurdles

This development adds to the growing list of regulatory challenges Binance is facing. The Official Crypto giant has already locked horns with regulatory bodies in Belgium, Cyprus, the Netherlands, and the US Securities and Exchange Commission.

Binance: The Official Crypto Leader in Europe

With a client base of over 2 million in Germany, Binance continues to wear the crown as the leading exchange in the country. Nevertheless, this recent denial could significantly affect Binance’s operations, particularly its advertising initiatives, as German law permits only licensed entities to advertise, according to Finance FWD.

Steve Beckford

Steve Beckford

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