The embattled cryptocurrency exchange, Binance has reportedly withdrawn its application for a crypto license in Germany, signifying the tough regulations and legal challenges it is facing in expanding operations in Europe.
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Finance
Magnates reported in
June, citing insiders at BaFin who spoke with Fast Forward, that the German
regulator was unwilling to grant Binance a license for crypto custody services. The crypto
giant had hoped to make Germany a new hub in Europe by obtaining the license.
According to the sources
who shared information with Coindesk, the crypto exchange confirmed that it had
withdrawn the application due to the situation in the global market and the
changes in crypto regulations. However, the exchange said it was planning to reapply
for the license after considering the prevailing market conditions.
Elsewhere, Binance transferred
its users in the
Netherlands to a rival crypto exchange , Coinmerce, and ceased operations in the
country on July 17. The exchange made the decision after failing to obtain a
virtual asset service provider (VASP) license from the Dutch regulator. The
transfer of users made Coinmerce, a regulated cryptocurrency exchange in the
Netherlands, one of the largest crypto operators in the region.
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Similarly, Binance filed
an application with the Cypriot regulator in June to
deregister its subsidiary in
the country. Although the regulator, the Cyprus Securities and Exchange
Commission, did not specify why Binance was exiting the country, a spokesperson
from the exchange said the company was planning to focus on “fewer
regulated entities in the EU.”
France, Cyprus, and the
US
In France, Binance is
facing an investigation looking into allegations of illegally offering digital asset
services and implementing inadequate controls to prevent money laundering .
According to the French authorities, Binance allegedly facilitated investment
transactions that concealed suspected money laundering activities.
Additionally, Binance
and its Co-Founder Changpeng Zhao are facing
13 charges from the
Securities and Exchange Commission for allegedly violating the laws
governing the US securities regulations. Besides that, Binance and Zhao were sued by the Commodities Futures
Trading Commission (CFTC) in March.
Two
days ago, the exchange disclosed
plans to seek a
dismissal of the charges brought by the CFTC in response to the complaint expected to be submitted on July 27. The regulator is accusing the exchange of violating federal regulations related to the issuance of commodities.
Tiger launched HK stocks’ auto-invest; Moneta has hired a new manager; read today’s news nuggets.
The embattled cryptocurrency exchange, Binance has reportedly withdrawn its application for a crypto license in Germany, signifying the tough regulations and legal challenges it is facing in expanding operations in Europe.
Finance
Magnates reported in
June, citing insiders at BaFin who spoke with Fast Forward, that the German
regulator was unwilling to grant Binance a license for crypto custody services. The crypto
giant had hoped to make Germany a new hub in Europe by obtaining the license.
Discover StealthEX.io – the future of cryptocurrency. Swap instantly across 1000+ coins, no sign-up, secure, and private. Dive into the new age of crypto!
According to the sources
who shared information with Coindesk, the crypto exchange confirmed that it had
withdrawn the application due to the situation in the global market and the
changes in crypto regulations. However, the exchange said it was planning to reapply
for the license after considering the prevailing market conditions.
Elsewhere, Binance transferred
its users in the
Netherlands to a rival crypto exchange , Coinmerce, and ceased operations in the
country on July 17. The exchange made the decision after failing to obtain a
virtual asset service provider (VASP) license from the Dutch regulator. The
transfer of users made Coinmerce, a regulated cryptocurrency exchange in the
Netherlands, one of the largest crypto operators in the region.
Keep Reading
Similarly, Binance filed
an application with the Cypriot regulator in June to
deregister its subsidiary in
the country. Although the regulator, the Cyprus Securities and Exchange
Commission, did not specify why Binance was exiting the country, a spokesperson
from the exchange said the company was planning to focus on “fewer
regulated entities in the EU.”
France, Cyprus, and the
US
In France, Binance is
facing an investigation looking into allegations of illegally offering digital asset
services and implementing inadequate controls to prevent money laundering .
According to the French authorities, Binance allegedly facilitated investment
transactions that concealed suspected money laundering activities.
Additionally, Binance
and its Co-Founder Changpeng Zhao are facing
13 charges from the
Securities and Exchange Commission for allegedly violating the laws
governing the US securities regulations. Besides that, Binance and Zhao were sued by the Commodities Futures
Trading Commission (CFTC) in March.
Two
days ago, the exchange disclosed
plans to seek a
dismissal of the charges brought by the CFTC in response to the complaint expected to be submitted on July 27. The regulator is accusing the exchange of violating federal regulations related to the issuance of commodities.
Tiger launched HK stocks’ auto-invest; Moneta has hired a new manager; read today’s news nuggets.