Binance Withdraws German License Application

The cryptocurrency exchange Binance withdrew its application for a trading license from Germany’s Federal Financial Supervisory Authority (BaFin). CoinDesk reports.

“The situation in both the global market and regulation has changed significantly. Binance still intends to file an application for the relevant licensing in Germany, but it is important that our request accurately reflects these developments,” said platform representatives.

Earlier reported that BaFin planned to deny the company permission to provide custody services for digital assets.

On 5 June, the U.S. Securities and Exchange Commission filed suit against the exchange and its CEO Changpeng Zhao. In light of this, regulatory pressure on the company in Europe intensified.

Binance also withdrew applications for licenses in the United Kingdom, Austria, in Cyprus and announced its withdrawal from the Netherlands. The Belgium Financial Services and Markets Authority ordered the exchange to cease all activity.

In April, the Australian regulator revoked the license of the local subsidiary. In July, agency personnel conducted searches at the Binance Australia office as part of a derivatives investigation.

It has also emerged an investigation by French authorities into the exchange. Officials are examining alleged illegal provision of cryptocurrency services and failure to comply with anti-money-laundering obligations.