BaFin rejects Binance’s crypto custody license application

According to a report, the German financial regulator BaFin rejected Binance’s application for a cryptocurrency custody license.

Finance Forward, a news outlet, reported that Germany’s financial authority has chosen not to grant Binance a custody license for cryptocurrencies, citing sources familiar with the situation.

The source did not clarify whether the refusal was an official decision made by the German Federal Financial Supervisory Authority (BaFin) or if it was conveyed during ongoing discussions.

A spokesperson for Binance stated that while they could not disclose specific details of their interactions with authorities, they are trying to comply with the conditions set by BaFin. As anticipated, this process is complex and continuous. 

You might also like: Binance withdraws license application in Austria

BaFin has declined to comment on specific firms due to the strict requirements for maintaining professional confidentiality in Germany. According to a report published by Finance Forward on June 26, Binance has withdrawn its application for regulatory permission in Austria.

The company has also terminated its registration with the securities commission in Cyprus and decided to exit the Netherlands following an unsuccessful registration attempt. Concurrently, Binance has had to suspend operations in Belgium while facing allegations from the U.S. securities authority for operating an unlicensed trading platform.

In preparation for implementing a new crypto law by the European Union, Binance has announced its intention to simplify its European strategy. This law will enable crypto enterprises to operate within a single market as long as they obtain regulatory clearance in one of the member nations.

Read more: Binance revises stance on privacy coin listings in Europe
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