![]() ![]() The Federal Financial Supervisory Authority Last month, the company and its CEO, Changpeng Zhao, have been under fire following a lawsuit filed by the Securities and Exchange Commission accusing Binance of conducting a “web of deception.” This episode is the latest in a series of regulatory troubles the company has found itself in, in recent times. ![]() Though the exchange had persisted, it appears it has finally given up on its quest for approval. In June, there were reports that Germany’s Federal Financial Supervisory Authority better known by its abbreviation BaFin, intended to refuse Binance’s application for a crypto custody license. Binance still intends to apply for appropriate licensing in Germany, but it is essential that our submission accurately reflects these changes.” Binance The situation, both in the global market and regulation has changed significantly. ![]() “Binance confirms that it has proactively withdrawn its BaFin application. In a statement released by a spokesperson of the crypto exchange, the company lamented the significant change in regulation around the world while stressing its intention to apply again for the Germany license at a future date. This is coming after months of the crypto exchange seeking entry into the European country. The world’s largest cryptocurrency exchange, Binance, has just encountered another regulatory hurdle in Europe, as it has withdrawn its application to register with the German banking regulator. ![]()
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