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<p>Binance, the world’s largest cryptocurrency exchange by client count, has withdrawn its application to BaFin for a crypto license in Germany.&nbsp;</p>
<p>Binance’s decision to withdraw its application for a crypto license in Germany comes in response to the country’s strict regulatory environment, prompting the exchange to reassess its expansion strategy.</p>
<p>Earlier, German regulators had informed Binance that they would not issue them a license.</p>
<h2 class="wp-block-heading" id="still-in-pursuit-of-appropriate-licensing">Still in pursuit of appropriate licensing</h2>
<p>On July 26, said this <a href="https://www.reuters.com/technology/binance-withdraws-application-crypto-license-germany-2023-07-26/" target="_blank" rel="noopener noreferrer nofollow">withdrawal</a> is due to significant changes in the global market and regulatory environment.&nbsp;</p>
<p>Although Binance is pulling out, it remains committed to obtaining the necessary license in the country.</p>
<p>In the coming days, the exchange will submit a revised application that accurately reflects the current developments.</p>
<p>When the exchange <a href="https://www.reuters.com/technology/binances-cyprus-unit-seeks-deregistration-crypto-service-provider-2023-06-14/" target="_blank" rel="noopener noreferrer nofollow">exited</a> Cyprus, they said they had plans to fully comply with the European Union’s Markets in Crypto Assets (MiCA) legislation.&nbsp;</p>
<p>You might also like: <a href="https://crypto.news/binances-cyprus-unit-files-for-deregistration/" rel="noopener noreferrer nofollow"> Binance’s Cyprus unit files for deregistration </a></p>
<p>However, despite this announcement, they have been pulling its operations out of the EU.</p>
<p>The company ceased operations in the Netherlands, citing its inability to fulfill registration prerequisites as a virtual asset service provider announcing to its customers that&nbsp;<a href="https://crypto.news/binance-to-exit-netherlands-after-failing-to-obtain-registration/" rel="noopener noreferrer nofollow">after July 17</a>, further trades, deposits, and purchases would no longer be available.&nbsp;</p>
<p>Meanwhile, Binance is being investigated in France for what authorities claim are acts of illegal exercise and aggravated money laundering, as stated by&nbsp;<a href="https://www.lemonde.fr/pixels/article/2023/06/16/binance-principale-plate-forme-mondiale-d-echange-de-cryptomonnaies-visee-par-une-enquete-en-france_6177876_4408996.html" target="_blank" rel="noopener noreferrer nofollow">Le Monde</a>.&nbsp;</p>
<p>Beyond Europe, the exchange has pulled out from Australia and Canada. Despite these exits, they plan to expand in Asia, focusing on Japan.</p>
<h2 class="wp-block-heading" id="release-of-more-coinbase-assets">Release of more Coinbase assets</h2>
<p>Even though Binance has withdrawn from Germany, crypto development is still active in the region.</p>
<p>Recently, Coinbase Assets, an official Twitter account for the platform, revealed that several tokens such as BLUR, AUDIO, and ATA would be availed to German clients.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet">
   <p>HNT, BLUR, ARB, EGLD, 00, AUDIO, LDO, ATA are now available to Germany residents.</p>— Coinbase Assets 🛡️ (@CoinbaseAssets) <a href="https://twitter.com/CoinbaseAssets/status/1683863901983608837?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 25, 2023</a>
  </blockquote>
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</figure>
<p>According to a&nbsp;<a href="https://www.coinbase.com/blog/our-8-week-international-expansion-drive-in-6-continents" target="_blank" rel="noopener noreferrer nofollow">blog </a><a href="https://www.coinbase.com/blog/our-8-week-international-expansion-drive-in-6-continents" target="_blank" rel="noopener noreferrer nofollow">p</a><a href="https://www.coinbase.com/blog/our-8-week-international-expansion-drive-in-6-continents" target="_blank" rel="noopener noreferrer nofollow">ost</a>&nbsp;in March, this move is part of a larger effort for Coinbase to expand internationally. They highlighted Germany, specifically Berlin, as a major crypto and blockchain activity hub.</p>
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  <iframe title="Coinbase CEO on SEC Lawsuit and Whether Crypto Is a Security | WSJ" width="1020" height="574" src="https://www.youtube.com/embed/ZjLGyWsgbTA?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen sandbox="allow-scripts allow-same-origin allow-popups allow-forms"></iframe>
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<p>Coinbase and Binance have different approaches to growth despite facing scrutiny in the US.</p>
<p>Read more: <a href="https://crypto.news/wsj-cz-was-aware-of-wash-trading-at-binanceus/" rel="noopener noreferrer nofollow"> WSJ: CZ was aware of wash trading at BinanceUS </a></p>

Binance reevaluates German licensing plans, withdraws application

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