Binance Withdraws German Crypto License Application

Binance has withdrawn its application for a license from German financial regulator BaFin, the company told CoinDesk.

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.

“Binance confirms that it has proactively withdrawn its BaFin application,” a spokesperson told CoinDesk in an emailed statement. “The situation, both in the global market and regulation, has changed significantly. Binance still intends to apply for appropriate licensing in Germany, but it is essential that our submission accurately reflects these changes."

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.

Earlier in June, 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.

Read more: SEC Sues Crypto Exchange Binance and CEO Changpeng Zhao, Alleging Multiple Securities Violations