Cryptocurrency exchange Binance was planning to get its own license in Germany and was looking to expand seriously. However, according to a local source from Finance Forward, financial regulator Bafin rejected the company's application.
Jonas Jünger, Germany's head of the world's largest crypto exchange Binance, has been in office for just a few months. Jünger's most important task was probably to get Binance to obtain a license from the financial control agency Bafin.
Only with this permission could the company be allowed to expand and advertise in this country. “The regulatory requirements are rightly high. The Bachelor will also be a strong signal for Germany as a financial centre,” Jünger told the Börsenzeitung in an inaugural old interview. he said.
Regulatory requirements turned out to be apparently too high for Binance. According to people familiar with the matter, the German financial regulator Bafin has decided not to issue a crypto custody license to the exchange. According to the information received from Finance Forward, Bafin made the situation clear to the company.
A Bafin spokesperson said officials did not comment on individual companies. A Binance spokesperson said, “While we cannot share details of our conversations with regulators, we continue to work to meet Bafin's requirements.” shared. The spokesperson adds that this is an “ongoing process”:
“We are confident we have the right team and actions to continue our discussions with the regulators in Germany.”
It is unclear whether this is an official refusal or whether the controllers have expressed their intentions in the ongoing talks.
*Not investment advice.