German Regulator Rejects Binance’s Crypto Service License Application: Report

Germany’s Federal Financial Supervisory Authority (BaFin) has denied Binance‘s request to offer digital currency trading and chilly storage services in the nation, as per a Finance Forward report Thursday. The report states it is unclear whether the rejection is a formal statement from BaFin or an expression of intent in ongoing conversations. Binance has established its European operations in Germany, negviolationg for regulatory approval. Although government authorities have placed a setback on the company’s progress, it will still attempt to meet regulatory requirements to operate a digital currency exchange in the country. The firm has assigned Jonas Jiinger to manage its operations in Central Europe. With the implementation of authoritative guidelines set forth by the EU, the new regulating compliance–MiCA will allow companies to operate across Europe if they satisfy regulatory approval in its individual nations. Binance has suffered some set backs in its European expansion within the last few weeks; ending its registration with Cyprus, eliminating services in the Netherlands due to a unsuccessful attempt to register, claiming an investigation of alleged money laundering by its own French subsidiary, and a stop in its collection and custody operations in Belgium due to breaches of directives and regulations. Regardless, of these hurdles, companies must constantly strive to achieve success and move forward.

Robert Wilson author
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