BaFin denies Binance license in Germany

Applied for almost a year ago - now denied: Bafin does not license Binance. The world's largest crypto exchange is thus losing its influence in Germany.

The German federal financial regulator (better known as the BaFin) has denied Binance a crypto custody license under the German Banking Act (KWG). This was reported by Finance Forward.

Binance is thus losing considerable influence in the European region and appears to be losing the battle with European regulators completely. Just recently, the world's largest crypto exchange had to withdraw from the United Kingdom, the Netherlands, Belgium and Austria. Meanwhile, authorities in France are investigating the company on suspicion of money laundering.

A Binance spokesperson recently emphasized that the regulatory actions were partly voluntary efforts by the company. They were merely preparing for the upcoming MiCA regulations with "some consolidations", they said. Binance also said in an amder statement, that its current EURO banking partner, Paysafe Payment Solutions Limited, will cease support on Sept. 25.

According to the notice, the crypto exchange is asking its customers to update bank information. New conditions may also be required to continue using SEPA services, Binance said.