Damn! Binance Withdraws Crypto License Application In This Country!

<p>&nbsp;"Every day there are actions taken by Binance, what will happen tomorrow."</p><p><br /></p><p>Cryptocurrency giant Binance on July 26 yesterday reportedly withdrew its application for a digital asset custody license in Germany.</p><p><br /></p><p>Earlier on June 29, 2023, the German Federal Financial Supervisory Authority (BaFin) had rejected Binance's digital asset custody license, but at that time it was still unclear whether the regulator officially denied the crypto exchange's application or communicated it verbally.</p><p><br /></p><p>However, Binance has currently confirmed that they have officially withdrawn their license application.</p><p><br /></p><p><br /></p><p>According to Binance Chief Executive Officer (CEO) Changpeng Zhao (CZ), his team intends to re-apply for a license in Germany but they will change their application first to reflect changes in the increasingly complex regulatory environment.</p><p><br /></p><p>He added that Binance will focus on complying with the Market in Crypto Assets (MiCA) regulations of the European Union (EU) to offer its services in various EU countries, but its development plans have been disrupted following regulatory problems in the United States (US).</p><p><br /></p><p>Before withdrawing the crypto custody license, Binance was found to have exited the Dutch market after failing to obtain a virtual asset service provider (VASP) license from the country's regulator and then also stopped its services in the United Kingdom (UK) and Cyprus.</p><p><br /></p><p>It is well known that Binance is currently not only under investigation in France since the beginning of 2022 but is also facing multiple investigations in the US from increasingly aggressive financial regulators.</p><p><br /></p><p>As of this writing, Binance Coin (BNB) price is up 0.81% at $239 in the last 24 hours with a market cap of $36 billion but is still down 0.82% over the past week.</p>