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<p><strong>Binance was recently denied crypto custody license by the German regulator BaFin. Moreover, the crypto exchange will lose its euro banking partner in September.</strong></p> 
<h2 style="text-align: center;" id="german-regulator-denies-binance-crypto-custody-license">German Regulator Denies Binance Crypto Custody License</h2> 
<p>Germany’s financial regulator, BaFin, has decided not to grant cryptocurrency exchange Binance a custody license. <a href="https://financefwd.com/de/binance-lizenz-deutschland/" target="_blank" rel="noopener">The denial,</a> whether formal or expressed in ongoing discussions, remains unclear. Binance has assured that it is actively working to meet BaFin’s requirements and is confident in its ability to continue discussions with German regulators.</p> 
<h2 style="text-align: center;" id="cancellation-of-german-license-a-setback-for-binance">Cancellation of German License a Setback for Binance</h2> 
<p>The denial of a crypto custody license in Germany poses a significant setback for Binance. Without a license, the company is restricted from advertising, hindering its growth. However, Binance is still expected to be one of the largest crypto apps in Germany, with millions of customers. The company remains committed to working with regulators worldwide and intends to obtain licenses in various markets.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">German finance regulator <a href="https://twitter.com/BaFin_Bund?ref_src=twsrc%5Etfw">@BaFin_Bund</a> has reportedly decided not to grant <a href="https://twitter.com/binance?ref_src=twsrc%5Etfw">@binance</a> a crypto custody license. <a href="https://twitter.com/iamsandali?ref_src=twsrc%5Etfw">@iamsandali</a> reports.<a href="https://t.co/Uim49KT7mc">https://t.co/Uim49KT7mc</a></p> 
 <p>— CoinDesk (@CoinDesk) <a href="https://twitter.com/CoinDesk/status/1674350553575436290?ref_src=twsrc%5Etfw">June 29, 2023</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h2 style="text-align: center;" id="binance-adjusts-european-strategy-for-new-crypto-regulations">Binance Adjusts European Strategy for New Crypto Regulations</h2> 
<p>In preparation for the upcoming crypto regulation in the European Union (EU), Binance is streamlining its European strategy. The new regulation, known as MiCA, will allow crypto firms to operate across the EU by obtaining regulatory approval in one market. The crypto exchange is committed to working collaboratively with regulators worldwide and ensuring full compliance with MiCA.</p> 
<h2 style="text-align: center;" id="binance-faces-challenges-in-european-markets">Binance Faces Challenges in European Markets</h2> 
<p>Binance has recently faced setbacks in several European countries. It withdrew its regulatory approval application in Austria and ceased its registration with the securities regulator in Cyprus. The exchange also abandoned its efforts in the Netherlands following a failed registration attempt and was ordered to cease operations in <a href="https://walletinvestor.com/magazinadmin/belgium-ordered-binance-to-cease-crypto-services-in-belgium/" target="_blank" rel="noopener">Belgium</a>.</p> 
<h2 style="text-align: center;" id="binance-faces-regulatory-backlash-in-the-u-s">Binance Faces Regulatory Backlash in the U.S.</h2> 
<p>Binance has also encountered challenges from financial regulators in the U.S. The SEC recently filed a lawsuit against Binance, Binance.US, and CEO Changpeng “CZ” Zhao, alleging multiple violations of federal securities laws, including offering unregistered securities and commingling customer funds. As a result, Binance has announced its retreat from the Netherlands and Cyprus, requested permission cancellations in the U.K., and been ordered to cease crypto services in Belgium.</p> 
<h2 style="text-align: center;" id="binance-s-euro-banking-partner-to-end-support-in-september">Binance’s Euro Banking Partner to End Support in September</h2> 
<p>Fighting the regulators in only one serious problem the crypto exchange is currently struggling with. Paysafe Payment Solutions, Binance’s banking partner for euro transactions, will no longer support the crypto exchange after September 25. Binance users will need to update their banking details for euro deposits and withdrawals through the Single Euro Payments Area (SEPA). Paysafe’s decision to cease support is part of an orderly and fair process agreed upon by both parties.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">Binance’s current payments partner for euro bank transfers will stop providing that service to the world’s biggest crypto exchange in about three months’ time <a href="https://t.co/0iOqvHOMjf">https://t.co/0iOqvHOMjf</a></p> 
 <p>— Bloomberg Crypto (@crypto) <a href="https://twitter.com/crypto/status/1674342057169633280?ref_src=twsrc%5Etfw">June 29, 2023</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h2 style="text-align: center;" id="conclusion">Conclusion</h2> 
<p>The denial of a crypto custody license by Germany’s financial regulator, BaFin, is a significant setback for Binance, the world’s largest cryptocurrency exchange. Binance faces challenges in its European expansion, with withdrawals of regulatory applications and orders to cease operations in certain countries. However, Binance remains committed to working with regulators and complying with new crypto regulations, such as the EU’s MiCA framework. Adapting to the evolving regulatory landscape, rebuilding trust, and prioritizing compliance are crucial for Binance’s long-term success in Europe and beyond.</p>

Binance Faces Challenges From German Regulator and Euro Banking Partner

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