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 <h2 id="binance-regulatory-and-banking-partner-challenges-in-europe">Binance Regulatory and Banking Partner Challenges in Europe</h2> 
 <p>Germany’s financial regulator BaFin recommended Binance to withdraw its license application in the country. The regulator has concerns about CEO CZ and the crypto exchange’s complicated structure, reported the Wall Street Journal on July 29.</p>  
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 <p>According to people familiar with the decision, <a rel="noopener noreferrer nofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a> CEO CZ wouldn’t pass a “fit and proper” test. Furthermore, the organizational structure of <a rel="noopener noreferrer nofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a> impeded the effectiveness of regulatory oversight, making supervision difficult for regulators.</p> 
 <p>Binance has withdrawn license applications in the Netherlands, Austria, Germany, and Cyprus. The crypto exchange faces scrutiny from France, Belgium, the UK regulators, even losing its European banking partner PaySafe.</p> 
 <p>After losing USD and AUD support, some believe Binance is being cut off from the European banking system. The challenges for Binance CEO CZ continue to rise amid renewed scrutiny in the euro area. Top executives have exit from multiple Binance’s subsidiaries across the world.</p>  
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 <p data-t="{&quot;n&quot;:&quot;blueLinks&quot;}">However, a spokesperson for <a rel="noopener noreferrer nofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a> said it proactively withdrew its application for a number of reasons, including efforts on gaining a new European Union crypto license.</p> 
 <blockquote> 
  <p class="continue-read-break" data-t="{&quot;n&quot;:&quot;blueLinks&quot;}">“<a rel="noopener noreferrer nofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a> will continue to cooperate with the regulatory authorities and continues to pursue the necessary regulatory approvals to actively conduct business in Germany.”</p> 
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 <p data-t="{&quot;n&quot;:&quot;blueLinks&quot;}"><strong>Also Read: Prominent XRP Attorney Withdraws From Ripple Vs US SEC Lawsuit</strong></p> 
 <h2 data-t="{&quot;n&quot;:&quot;blueLinks&quot;}" id="binance-lawsuits-and-investigation-in-the-us">Binance Lawsuits and Investigation in the US</h2> 
 <p>The US SEC and CFTC have filed lawsuits against <a rel="noopener noreferrer nofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a> and CEO CZ. Amid the latest developments, <a rel="noopener noreferrer nofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a> filed a motion to dismiss the CFTC lawsuit claiming that the regulator has no jurisdiction over the global entity and the allegations are vague.</p> 
 <p>Meanwhile, the SEC and Binance have agreed on separating the wallets, hardware, and management of Binance and Binance.US, arguing that the exchange hasn’t violated any security laws.</p> 
 <p><a rel="noopener noreferrer nofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a> also faced DOJ investigations, with some experts revealing that a lawsuit against the crypto exchange and CEO is imminent.</p> 
 <p><strong>Also Read: Binance And US SEC Submits Response To Intervention By Third Party In The Lawsuit</strong></p> 
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Binance And CEO CZ Facing Intense Scrutiny In Euro Area Amid Banking Woes: WSJ

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