FRANKFURT (Reuters) – German regulators have told Binance they will not grant it a cryptocurrency custody license, a person familiar with the matter said on Thursday, in the latest in a series of setbacks for the world’s largest cryptocurrency exchange.
Binance has been under pressure from regulators around the world. This month, the US Securities and Exchange Commission sued Binance and its CEO Changpeng Zhao over what the regulator described as a “web of deception” to evade US laws. Binance denies the charges.
German regulator BaFin issued a statement declining to comment on individual companies due to confidentiality.
Binance said it would not share details of the talks with regulators, but added: “We continue to work to comply with BaFin’s requirements.”
He described it as a “detailed and ongoing process” and said she was confident there was “the right team and measures in place to continue our discussions with regulators in Germany”.
Finance Forward magazine published the news of the German license for the first time.
Binance’s problems have escalated in recent weeks.
Last week, Belgium’s FSMA regulator ordered Binance to stop offering any virtual currency services in the country.
France is also examining Binance, which decided to exit the Dutch market because it was unable to meet the registration requirements to operate as a virtual asset service provider.
BaFin in 2021 warned Binance of the risk of being fined for offering some digital tokens to customers in Germany without the necessary information.
Additional reporting by Tom Sims and Tom Wilson. Editing by Sabine Wallrab and Mark Potter
Our Standards: The Thomson Reuters Trust Principles.
[ad_2]