Binance has withdrawn its application for a license from German financial regulator BaFin, marking its latest European regulatory move.
Binance previously said it is working to prepare its business to be fully compliant with Markets in Crypto Assets , European Union's regulations, when they are implemented in the next 18 months. To that end, Binance at the time said that it moved to pull back efforts in certain states to focus on having fewer regulated entities in the EU, especially its larger registered markets where it already has a mature footprint, including France, Italy and Spain.
MiCA mandates that crypto companies operating in the EU must obtain authorization from one member state by January 2025. This authorization can then be used across the entire region, allowing companies to provide services to local residents with a single EU license. Binance, however, is facing banking issues as well in Europe. Its current euro banking partner, Paysafe,supporting the crypto exchange after September 25. Paysafe's decision will impact euro-denominated bank transfers to and from Binance through the Single Euro Payments Area network. Paysafe already ended British pound support for Binance in May.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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