Germany Joins Anti-Binance Sentiment, BaFin Rejects License Application

<p>After the
United States declared open war on <a href="https://www.financemagnates.com/terms/c/cryptocurrency-exchange/">cryptocurrency exchange</a> Binance, Europe is also
becoming an increasingly unfriendly ground for the digital asset market giant.
Owned by Changpeng Zhao (CZ), the platform had hoped that Germany would become
one of its new hubs on the Old Continent. However, recent reports suggest that
the local financial market regulator BaFin has not looked favorably on
Binance's application.</p><p>BaFin Rejects Binance's
Bid in Germany</p><p>According
to information published by the German Finance Forward
today (Thursday), insiders claim that BaFin is unwilling to grant Binance a
crypto custody license. Binance's press spokesperson has not confirmed these
reports but commented to CoinDesk that the exchange is continuously
working to meet all the requirements set by BaFin. He acknowledged that it is a
complicated and lengthy process, but the platform is still hopeful for a
positive conclusion.</p><p>If Binance
fails to obtain a license in Germany, its business development in Europe may be
in question. This is especially true given that the exchange has
significantly limited its local presence due to regulatory changes. </p><p><a href="https://www.financemagnates.com/" target="_blank" rel="follow">Finance
Magnates</a> reported
two weeks ago that Binance is exiting <a href="https://www.financemagnates.com/cryptocurrency/binance-shrinks-eu-presence-exits-netherlands-after-cyprus/" target="_blank" rel="follow">Cyprus and the Netherlands</a>. Since then,
the platform has also come under scrutiny from <a href="https://www.financemagnates.com/cryptocurrency/binance-france-under-probe-over-illegal-crypto-service-money-laundering-report/" target="_blank" rel="follow">the French prosecutor's office</a>
for operating an 'illegal' exchange, withdrew its license <a href="https://www.financemagnates.com/cryptocurrency/binance-markets-limited-deregisters-with-the-uks-fca/" target="_blank" rel="follow">in the United
Kingdom</a>, and was forced <a href="https://www.financemagnates.com/cryptocurrency/fsma-orders-binance-to-immediately-halt-services-in-belgium/" target="_blank" rel="follow">to leave Belgium</a>.</p><p>The
challenges in Europe are further exacerbated by the fact that <a href="https://www.financemagnates.com/cryptocurrency/binance-loses-major-eur-banking-partner-amid-regulatory-concerns/" target="_blank" rel="follow">Paysafe Solution</a>,
Binance's euro banking partner, is suspending support for further payments from
the end of September 2023.</p><blockquote><p lang="en" dir="ltr">⚠️ Binance <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> Custody License Application Denied by