Facing regulatory challenges, flagship crypto exchange, Binance has now pulled out its BaFin application in Germany, after succesfully exiting several other European markets such as Netherland and Cyprus. According to Jonas Jünger, managing director of Binance’s German wing, the aim of the firm was to set up a successful branch while addressing very strict regulatory requirements. These strict regulations resulted in users in Netherland unable to access trades, purchases, deposits and withdrawals.
Could Binance have a better future in Europe? By June 30, 2024 MiCA (Markets in Crypto Assets), a cryptocurrency law, is planned to be passed to better regulate the crypto space, etc. In Brussels, Binance is said to be raising the necessary permits with the help of MiCA registration. This legal framework would end up allowing to access virtually every European country.
The actions taken by Binance across Europe come amidst legal troubles with the such as Securities and Exchange Commission along with the Commodities Futures trading Commission in particular, Binance’s European head quarters still account for Paris alongside of Poland, Lithuania, Sweden, Italy and Spain.
