Germany rejects Binance’s application for crypto license

<img width="562" height="338" src="https://www.leaprate.com/wp-content/uploads/2021/07/Binance.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="Binance" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2021/07/Binance.jpg 880w, https://www.leaprate.com/wp-content/uploads/2021/07/Binance-768×463.jpg 768w, https://www.leaprate.com/wp-content/uploads/2021/07/Binance-730×438.jpg 730w, https://www.leaprate.com/wp-content/uploads/2021/07/Binance-230×138.jpg 230w, https://www.leaprate.com/wp-content/uploads/2021/07/Binance-380×228.jpg 380w, https://www.leaprate.com/wp-content/uploads/2021/07/Binance-88×53.jpg 88w, https://www.leaprate.com/wp-content/uploads/2021/07/Binance-245×148.jpg 245w, https://www.leaprate.com/wp-content/uploads/2021/07/Binance-500×301.jpg 500w" sizes="(max-width: 562px) 100vw, 562px" /><p>Binance has not yet commented on the denied license bid, however, a spokesmen for the company only shared that “ongoing process” and the exchange continues “to work to meet Bafin’s requirements.”</p>
<p>It is unclear whether the rejection is formal or whether the German regulator has expressed their intention in <a href="https://www.leaprate.com/cryptocurrency/regulation-cryptocurrency/binance-seeks-to-secure-german-crypto-license/" target="_blank" rel="noopener">ongoing discussions</a>.</p>
<p>Binance has been facing troubles in Europe, as well as the US in recent months. The company has been reducing its presence in Europe by exiting <a href="https://www.leaprate.com/cryptocurrency/licensing/binance-to-withdraw-registration-of-cypriot-business-arm/" target="_blank" rel="noopener">Cyprus</a> and the Netherlands. Additionally, crypto giant is being investigated for money laundering by <a href="https://www.leaprate.com/cryptocurrency/exchange/french-regulator-investigates-binance-for-money-laundering/" target="_blank" rel="noopener">French regulators</a> and is being sued by the US <a href="https://www.leaprate.com/cryptocurrency/exchange/binance-claims-sec-charges-are-aimed-at-making-headlines-limited-in-reach/" target="_blank" rel="noopener">Securities and Exchange Commission</a>.</p>
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