Diksia.com - Berlin, German financial regulator BaFin will not license cryptocurrency storage to Binance.
Binance did not plan to share details of its conversation with the German regulator, but said it will continue to strive to meet BaFin’s requirements.
“This is a detailed and ongoing process,” Binance said. “Our team is confident that we can continue discussions with the German regulator.”
BaFin has previously warned Binance that it risks being fined for illegally providing certain digital tokens to German customers.
Binance itself is under pressure from financial regulators around the world.
Last month, the U.S. Securities and Exchange Commission (SEC) sued Binance and its CEO Changpeng Chao for what regulators called a “fraud net” to circumvent U.S. law. .
Various other issues have also hit crypto exchange platforms recently.
Last week, Belgian regulator FSMA ordered Binance to stop offering cryptocurrency services in the country.
France is also involved in an investigation into Binance, which exited the Dutch market after failing to meet the registration requirements to operate as a virtual asset service provider.
