Binance’s troubles – the largest cryptocurrency exchange exponentially withdraws from many European markets

Binance's troubles - the largest cryptocurrency exchange exponentially withdraws from many European markets

Binance’s troubles continue unabated. The company has made the difficult decision to withdraw from Germany, the Netherlands and Cyprus, mainly due to difficulties in obtaining the appropriate licenses.

Germany not for Binance for the time being

“It was a painful but necessary decision. Our vision for the future of blockchain and cryptocurrencies in Europe is still alive, but we need to adapt to changing regulations and market expectations.” – Jonas Jünger, managing director of Binance in Germany, stated.

The main factor behind the decision was the German financial regulator BaFin’s refusal to grant a license. Extremely stringent regulatory conditions became an obstacle not only for Binance, but also for many other cryptocurrency companies. Although withdrawal from the German market has been difficult, Binance does not intend to give up on this powerful European country. It plans to reapply as soon as the regulatory situation is stabilized.

The Netherlands and Cyprus also denied licenses

A similar fate has befallen Binance in the Netherlands and Cyprus, where restrictions on market access have also forced the company to suspend its operations. Nevertheless, Binance confirms that its commitment to comply with the European Union’s new rule on digital assets, known as MiCA, remains intact.

“MiCA will bring new challenges for all cryptocurrency-related companies in Europe. We are determined to be a leader in complying with these regulations and supporting the development of this revolutionary technology.” – assured a Binance spokesperson.

Binance is not laying down its arms

Although the withdrawal from three European countries was inevitable, Binance remains active in many other markets on the continent. The company’s European headquarters are in Paris, which is understandable given the support and approval it has received from French regulator AMF. France, Italy and Spain are now Binance’s new priority and base points for further expansion.

In addition, the exchange is also registered in Poland, Sweden and Lithuania. Binance’s vision for the future of blockchain and cryptocurrencies is global, and Europe remains a key growth area.

“We are working with various regulators across Europe to better understand their expectations and fully align our business with changing regulations. We are confident that together we can create an environment that allows cryptocurrencies to grow and innovate, while ensuring security for our users.” – Jonas Jünger stressed.

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

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