After France’s Nod, Binance Faces Germany to Deepen Ties in Europe
Binance, the world’s largest cryptocurrency exchange by trading volume, is seeking a license from Germany’s Federal Financial Supervisory Authority (BaFin) to operate in the country.
Founder and Chief Executive Officer of Binance, Changpeng Zhao, disclosed this on Wednesday in an interview at the Finance Forward Fintech Conference in Hamburg, Germany.
Zhao said the exchange ’s discussion with BaFin to get its nod is part of its plan to deepen its presence in Germany.
“Our team definitely is talking with regulators here and in all of Europe,” Zhao said during the interview,” BBN Bloomberg reports.
Finance Magnates reported last month that France’s financial watchdog, the Finance Markets Authority (AMF), granted Binance a Digital Asset Service Provider (DASP) registration.
The registration was granted with the approval of the Prudential Supervisory and Resolution Authority ( ACPR ), an institution responsible for monitoring banking and insurance activities in France.
“The registration of Binance France as a DASP is a key milestone for crypto in Europe. In particular, the new levels of protection for anti-money laundering (AML) will help grow crypto adoption in France and Europe,” David Princay, the CEO of Binance France, said in an announcement.
Last year, Binance stopped offering its futures and derivatives products across Europe, starting with Germany, Italy and the Netherlands.
“With immediate effect, users from these countries will not be able to open new futures or derivatives products accounts,” the exchange wrote in an official notice.
The exchange also ended its support for stock token offers after many European regulators including BaFin showed their discontent.
Recent Moves
Binance is one of the 19 co-investors that committed $7.1 billion to Elon Musk’s Twitter takeover bid.
Zhao described the exchange’s $500 million total aggregate commitment to the deal as “a small contribution to the cause”
Meanwhile, the cryptocurrency exchange also recently signed a five-year sponsorship deal with the Argentine Football Association.
Binance, the world’s largest cryptocurrency exchange by trading volume, is seeking a license from Germany’s Federal Financial Supervisory Authority (BaFin) to operate in the country.
Founder and Chief Executive Officer of Binance, Changpeng Zhao, disclosed this on Wednesday in an interview at the Finance Forward Fintech Conference in Hamburg, Germany.
Zhao said the exchange ’s discussion with BaFin to get its nod is part of its plan to deepen its presence in Germany.
“Our team definitely is talking with regulators here and in all of Europe,” Zhao said during the interview,” BBN Bloomberg reports.
Finance Magnates reported last month that France’s financial watchdog, the Finance Markets Authority (AMF), granted Binance a Digital Asset Service Provider (DASP) registration.
The registration was granted with the approval of the Prudential Supervisory and Resolution Authority ( ACPR ), an institution responsible for monitoring banking and insurance activities in France.
“The registration of Binance France as a DASP is a key milestone for crypto in Europe. In particular, the new levels of protection for anti-money laundering (AML) will help grow crypto adoption in France and Europe,” David Princay, the CEO of Binance France, said in an announcement.
Last year, Binance stopped offering its futures and derivatives products across Europe, starting with Germany, Italy and the Netherlands.
“With immediate effect, users from these countries will not be able to open new futures or derivatives products accounts,” the exchange wrote in an official notice.
The exchange also ended its support for stock token offers after many European regulators including BaFin showed their discontent.
Recent Moves
Binance is one of the 19 co-investors that committed $7.1 billion to Elon Musk’s Twitter takeover bid.
Zhao described the exchange’s $500 million total aggregate commitment to the deal as “a small contribution to the cause”
Meanwhile, the cryptocurrency exchange also recently signed a five-year sponsorship deal with the Argentine Football Association.
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