Binance, the world's largest cryptocurrency exchange, has withdrawn its license application to the Austrian financial regulator FMA, according to local sources.
Authorities Pressured Binance, According to Sources
Binance has ended its Austrian expansion. Those close to the issue say that the crypto exchange has withdrawn its registration application with the financial regulator FMA some time ago. Authorities exerted pressure in the background, according to sources.
Binance announced its intention to expand to Austria about a year ago. Last spring, the exchange launched under the name Binance Austria GmbH. He also wanted to obtain a license for this subsidiary. It was probably registered as a “service provider of virtual currencies”.
The company had recently withdrew from the Netherlands, where it operates without regulatory approval. The company said it had tried “many alternative ways” to comply with Dutch registration requirements. The platform stated that as of July 17, trading in the Netherlands will cease and existing Dutch users can only withdraw assets from the platform.
Binance also terminated the registration for its UK-based subsidiary in this country.
A spokesperson for the company said the following regarding the latest Austrian development:
“We are not in a position to disclose details of our discussions with regulators, but we will continue to comply with our obligations wherever Binance operates.
In Europe, we are currently focused on fully complying with MiCA requirements, which will come into effect later next year.”
*Not investment advice.
