Binance has withdrawn its application for a license from German financial regulator BaFin, the company told journalists. Binance confirms that it has proactively withdrawn its BaFin application, a spokesperson said in an emailed statement. The situation, both in the global market and regulation, has changed significantly.
The move follows a retrenchment from markets including Austria, Belgium, and the Netherlands, and as its U.S. arm is sued by regulators for operating an unregistered exchange. In June, Finance Forward reported sources saying the company was set to be denied a license by BaFin, but a Binance spokesperson at the time said it was continuing discussions with officials.
Binance has also given up its registration with Cyprus’ securities regulator, decided to quit the Netherlands after a failed attempt to register, and has been ordered to halt operations in Belgium. Chief Executive Officer Changpeng CZ Zhao has said France remained Binance’s flagship center in Europe, in spite of a money laundering probe there, and European Union laws set to take effect in 2024 will allow crypto service providers to operate across the bloc with a single license.