Germany’s financial regulator has refused to grant Binance a crypto custody license, according to a media report. A rejection would prevent the exchange from advertising and growing in the major European market and deal another blow to its efforts to do regulated business on the Old Continent.
Germany Rejects Binance Bid to Obtain Bafin License, Sources Claim
The Federal Financial Supervisory Authority of Germany (Bafin) has informed Binance it will not be licensed as a crypto custodian, the German financial news magazine Finance Forward revealed in a report quoting sources familiar with the matter.
The digital asset exchange, the world’s largest by trading volume, can only expand its business in Germany if it receives the regulatory approval, the publication noted. Without it, it’s not allowed to advertise, for example, and German regulators have already targeted other crypto companies for that, including trading platforms like Crypto.com and Uniswap.
Bafin declined to clarify t
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