German financial regulatory authority (BaFin) has denied a license to Binance. However, a spokesperson for Binance revealed that the company is not giving up in its pursuit of obtaining the license.
Binance, the world’s largest cryptocurrency exchange, is facing legal challenges from multiple jurisdictions. The rejection from Germany further complicates the company’s troubles.
According to Finance Forward, Binance made attempts to obtain a BaFin license in Germany under the leadership of CEO Jonas Jünger.
However, sources from Finance Forward reported that BaFin has rejected granting a license to Binance. Without a license, Binance cannot expand its operations and advertise services in Germany. In 2019, German regulatory authorities stated that cryptocurrency service providers would be required to obtain a BaFin license to operate in the German market.
In addition to facing difficulties in Germany, Binance has encountered regulatory issues in several other countries, including Australia, Canada, Nigeria, the Netherlands, and Belgium.
The company is also facing lawsuits from the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in the US market.
Due to these challenges, Binance’s market share is nearing a yearly low.