Binance pulls plug on German crypto ambitions
Binance has withdrawn an application to operate in Germany.
The digital asset exchange has ditched attempts to gain a crypto license as it eases back on expansion plans due to the current regulatory climate in the US.
In June, Berlin’s regulators told Binance it would be highly unlikely that a crypto custody license would be granted.
A company spokesperson today said: “Binance confirms it has proactively withdrawn its BaFin (Germany’s financial regulator) application. The situation, both in the global market and regulation, has changed significantly.”