Binance has withdrew its application for a licence from the German financial authority BaFin. The decision comes after a retreat from nations such as Austria, Belgium, and the Netherlands, and as its US branch is being sued by regulators for operating an unlicensed exchange.
“Binance confirms that it has proactively withdrawn its BaFin application,” a spokesman informed CoinDesk in an emailed statement. “The situation, both in the global market and in regulation, has changed dramatically.” Binance will continue to apply for appropriate licencing in Germany, but it is critical that our submission accurately represents these developments.”
According to Finance Forward, the firm was expected to be refused a licence by BaFin in June, but a Binance spokeswoman at the time indicated the company was still in conversation with officials.
Binance has also dropped its registration with Cyprus’ securities authority, decided to leave the Netherlands following a failed registration attempt, and been ordered to cease operations in Belgium.
Earlier this month, Chief Executive Officer Changpeng “CZ” Zhao stated that despite a money laundering investigation in France, Binance’s flagship centre in Europe remained France, and European Union laws set to take effect in 2024 will allow crypto service providers to operate across the bloc with a single licence.