Binance experienced yet another setback in pursuing a crypto custody license in Germany. The company’s application, submitted to BaFin, the country’s financial watchdog, was ultimately rejected.
It is currently unclear whether the rejection was a formal decision from BaFin or simply an indication expressed during ongoing discussions.
The crypto exchange confirmed the news stating:
We continue to work to comply with BaFin‘s requirements. As expected, this is a detailed and ongoing process. We are confident that we have the right team and measures in place to continue our discussions with regulators in Germany.
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Due to Germany’s professional secrecy requirements, BaFin is unable to provide detailed comments on individual businesses, including Binance. However, recent reports suggest that Binance has faced challenges in several European countries.
Binance Faces Growing Challenges In Europ
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