On July 26th, Binance officially withdrew its application for a cryptocurrency operating license in Germany. This decision came nearly a month after rumors surfaced that the financial supervisory authority of Germany (BaFin) had rejected the exchange’s application.
On June 29th, BaFin was rumored to have rejected Binance’s application for an operating license. However, at that time, it was unclear whether the regulatory agency had formally denied the application or communicated it verbally to the company.
Binance’s spokesperson stated that, following the latest development, they plan to reapply for the license in Germany in the future. They also mentioned that they will make the necessary changes to comply with the legal requirements.
Changpeng Zhao, the CEO of Binance, emphasized that the exchange will focus on adhering to the regulations set by the Markets in Crypto Assets (MiCA) of the European Union to continue offering its services in European countries.
Prior to exiting Germany, Binance had already departed from the Netherlands due to a lack of assurance in obtaining a license to provide virtual asset services from domestic regulatory agencies. The cryptocurrency exchange has also ceased operations in the United Kingdom and Cyprus.