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

Share this article

More news

All articles loaded
No more articles to load

Learn

Solana

What is Solana (SOL)

Solana (SOL) is one of the hottest cryptocurrency projects on the market. Although it is a relatively young creation, it…
Shiba Inu

What is Shiba Inu (SHIB)

Shiba Inu (SHIB) is one of the most sought-after coins on the market. This is evidenced by its dynamic rallies…
The Sandbox and the British Museum on a joint metaverse trail!

What is Sandbox (SAND)?

In this material, we take a look at one of the fastest growing spaces in the metaverse family. We are…
What is polygon matic

What is Polygon (MATIC)?

Another coin worth looking at is Polygon (MATIC). It is especially liked by many investors. So what makes its popularity…
What is Polkadot DOT

What is Polkadot (DOT)

This time, the object of our interest will be a project about which there was already a lot of buzz…
What is Neo

What is NEO?

Cryptocurrencies have many differences, making them widely used in various areas of life. However, there are also some that are…
What is Litecoin LTC

What is Litecoin (LTC)

The cryptocurrency market is a real wealth of various projects. It is hard to believe that its beginnings date back…
Ether

What is Ethereum (ETH)?

Ethereum is the popular blockchain on which the second largest cryptocurrency in terms of market capitalisation called Ether (ETH) is…
What is EOS

What is EOS?

Continuing the saga of introducing you to the foundations of the existence of different cryptocurrencies, this time we will take…
All articles loaded
No more articles to load

Analyses

All articles loaded
No more articles to load

Latest news

All articles loaded
No more articles to load