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Binance Crypto Custody License Application Denied by German Regulator BaFin: Report
The firm told CoinDesk that it is continuing to comply with BaFin requirements in "a detailed and ongoing process."
Germany's financial watchdog has decided not to grant crypto exchange Binance a custody license, news publication Finance Forward reported on Thursday, citing people familiar with the matter.
The report added that it's unclear if the denial was a formal decision from the Federal Financial Supervisory Authority (BaFin) or an intention expressed in ongoing discussions.
STORY CONTINUES BELOW
"While we are unable to share details of conversations with regulators, we continue to work to comply with BaFin‘s requirements. As expected, this is a detailed and ongoing process. We are confident that we have the right team and measures in place to continue our discussions with regulators in Germany,” a Binance spokesperson said in an emailed statement to CoinDesk.
BaFin declined to comment on individual companies due professional secrecy requirements in Germany.
Finance Forward reported on June 26 that Binance had withdrawn its application for regulatory approval in Austria. The company has also given up its registration with Cyprus' securities regulator, and decided to quit the Netherlands after a failed attempt to register. It was also ordered to halt operations in Belgium, just as it faces allegations from the U.S. securities regulator for allegedly operating an unregistered trading platform.
The company has said it is streamlining its European strategy in preparation for the EU's new crypto regulation, which will allow crypto firms to operate throughout the single market by winning regulatory approval in one of those markets.
"Binance remains committed to working collaboratively with regulators around the world and we are additionally focused on getting our business ready to be fully compliant with the new EU rules on crypto-assets (MiCA),” the spokesperson for Binance said.
Read more: Binance's Euro Banking Partner to Halt Support of the Crypto Exchange in September
Sandali Handagama
Sandali Handagama is CoinDesk's deputy managing editor for policy and regulations, EMEA. She is an alumna of Columbia University's graduate school of journalism and has contributed to a variety of publications including The Guardian, Bloomberg, The Nation and Popular Science. Sandali doesn't own any crypto and she tweets as @iamsandali
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
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- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
