SEC's Response to Challenge Groundbreaking XRP Ruling
U.S. Fed's Vice Chair Barr Suggests CBDC Decision Remains a ‘Long Way’
Turkish Crypto Exchange Thodex CEO Faruk Özer Sentenced to 11,196 Years in Prison for Collapse
Binance informed CoinDesk that it has opted to retract its license application submitted to the German financial regulator BaFin.
The decision comes after withdrawing from markets such as Austria, Belgium, and the Netherlands, and facing a lawsuit from regulators over its U.S. operations, which were accused of running 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“Binance confirms that it has proactively withdrawn its BaFin application,” a spokesperson told CoinDesk in an emailed statement.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 that according to sources, BaFin was likely to deny the company a license. However, a Binance spokesperson stated that they were actively engaging in discussions with officials at that time.
Binance has taken further steps in reshaping its regulatory approach, including relinquishing its registration with Cyprus' securities regulator and withdrawing from the Netherlands following an unsuccessful attempt to secure registration. Additionally, the company has been issued an order to cease operations in Belgium.
In June, Chief Executive Officer Changpeng "CZ" Zhao reaffirmed that France continues to be Binance's primary hub in Europe, despite an ongoing money laundering investigation. Moreover, he highlighted that upcoming European Union regulations, scheduled to be implemented in 2024, will enable crypto service providers to operate throughout the entire bloc under a single license.
Source Coindesk
