Share this article
Binance Withdraws German Crypto License Application
The move follows reports it had been rejected by financial regulators, and amid a pullback from markets including Austria, Belgium and the Netherlands
Updated Jul 26, 2023, 8:30 p.m. Published Jul 26, 2023, 11:27 a.m.
Make us preferred on Google
Binance has withdrawn its application for a license from German financial regulator BaFin, the company told CoinDesk.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.
STORY CONTINUES BELOW
“Binance confirms that it has proactively withdrawn its BaFin application,” a spokesperson told CoinDesk in an emailed statement.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
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Crypto faces fork in the road as Clarity Act support wavers, Bitwise says
The asset manager argued that without federal legislation, the industry has three years to become indispensable before political winds potentially shift.
What to know:
- Bitwise said in a blog post Monday that Polymarket odds for the Clarity Act have fallen from 80% to 50% following industry pushback.
- If the bill fails, Bitwise believes crypto must achieve mass adoption in stablecoins and tokenization to force a regulatory hand.
- The firm anticipates a sharp rally upon the bill's passage, while a failure would likely lead to a "slower ascent" tied to proven utility.
Top Stories
