Binance pulls plug on German crypto ambitions

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Binance said it accepted responsibility, has upgraded its anti-money laundering and "know-your-customer" protocols, and has made "significant progress" toward changes required under its plea agreement.
Binance said it accepted responsibility, has upgraded its anti-money laundering and "know-your-customer" protocols, and has made "significant progress" toward changes required under its plea agreement.

Binance has withdrawn an application to operate in Germany.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A company spokesperson today said: “Binance confirms it has proactively withdrawn its BaFin (Germany’s financial regulator) application.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.”