The German Federal Financial Supervisory Authority (BaFin), the country’s financial supervisory authority. has rejected Binance’s request for a Crypto Custody license.
this newsget reportedFirst, by Forward Finance citing people familiar with the matter, Cointelegraph reached out to Binance to confirm the news. and a spokesperson for the company said “Details of the conversation cannot yet be shared with regulators.”
“We continue to work to meet BaFin’s requirements as expected, and this is a sensitive and ongoing process. We are confident that we have the appropriate team and measures in place in further discussions with regulators in Germany.”
Based on Binance comments and news reports. It is unclear whether BaFin has officially denied Binance a license or simply notified the company verbally. And the exchange may withdraw its license in the near future.
Binance’s battle with regulators continues to escalate. both in the United States and the European market.
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