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Binance, the world’s largest cryptocurrency exchange by client count, has withdrawn its application to BaFin for a crypto license in Germany.
Binance’s decision to withdraw its application for a crypto license in Germany comes in response to the country’s strict regulatory environment, prompting the exchange to reassess its expansion strategy.
Earlier, German regulators had informed Binance that they would not issue them a license.
Still in pursuit of appropriate licensing
On July 26, said this withdrawal is due to significant changes in the global market and regulatory environment.
Although Binance is pulling out, it remains committed to obtaining the necessary license in the country.
In the coming days, the exchange will submit a revised application that accurately reflects the current developments.
When the exchange exited Cyprus, they said they had plans to fully comply with the European Union’s Markets in Crypto Assets (MiCA) legislation.
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However, despite this announcement, they have been pulling its operations out of the EU.
The company ceased operations in the Netherlands, citing its inability to fulfill registration prerequisites as a virtual asset service provider announcing to its customers that after July 17, further trades, deposits, and purchases would no longer be available.
Meanwhile, Binance is being investigated in France for what authorities claim are acts of illegal exercise and aggravated money laundering, as stated by Le Monde.
Beyond Europe, the exchange has pulled out from Australia and Canada. Despite these exits, they plan to expand in Asia, focusing on Japan.
Release of more Coinbase assets
Even though Binance has withdrawn from Germany, crypto development is still active in the region.
Recently, Coinbase Assets, an official Twitter account for the platform, revealed that several tokens such as BLUR, AUDIO, and ATA would be availed to German clients.
HNT, BLUR, ARB, EGLD, 00, AUDIO, LDO, ATA are now available to Germany residents.— Coinbase Assets (@CoinbaseAssets) July 25, 2023
According to a blog post in March, this move is part of a larger effort for Coinbase to expand internationally. They highlighted Germany, specifically Berlin, as a major crypto and blockchain activity hub.
Coinbase and Binance have different approaches to growth despite facing scrutiny in the US.
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