Odaily News - A Binance spokesperson has confirmed that the company has withdrawn its license application to BaFin, the German financial regulatory authority. Previously, Binance has scaled back its operations in markets such as Austria, Belgium, and the Netherlands, and its US branch has faced regulatory scrutiny for operating an unregistered exchange.



In an email statement, a spokesperson stated, "Binance confirms that it has voluntarily withdrawn the application to BaFin. There have been significant changes in the global market and regulatory landscape. Binance still intends to apply for appropriate licenses in Germany, but our application must accurately reflect these changes."



In June, Finance Forward reported that Binance was to be denied a license by BaFin, but a Binance spokesperson at the time mentioned that the company was still in discussions with officials. Binance also relinquished its registration with the Cyprus Securities and Exchange Commission and decided to exit the Netherlands following a failed registration attempt. It has also been ordered to cease its operations in Belgium.



In early June, Binance CEO CZ stated that despite an ongoing money laundering investigation in France, it remains the flagship center for Binance in Europe. EU legislation set to take effect in 2024 will allow crypto service providers to operate across the EU under a single license.



Earlier on June 29, sources revealed that BaFin had decided not to grant Binance a cryptocurrency custody license. BaFin spokesperson mentioned that the regulatory agency does not comment on individual companies. A Binance spokesperson stated, "While we cannot share the specifics of our discussions with regulatory bodies, we continue to work hard to meet BaFin's requirements. It is an ongoing process. We believe we have the right team and measures in place to continue engaging with the German regulatory authorities."