The globally recognized cryptocurrency exchange Binance has retracted its application for a cryptocurrency license in Germany.

As per Coindesk, Binance, which holds the title of the world’s largest cryptocurrency exchange, has decided to withdraw its application for a crypto license in Germany.

A spokesperson from Binance confirmed in a statement that the company has decided to pull back its license application submitted to BaFin, the German financial regulator.

“Binance has chosen to retract the application submitted to BaFin. The global market conditions and legislative landscape have undergone significant changes. Binance still intends to apply for the relevant license in Germany, but it is crucial that our application accurately mirrors these changes,” the statement read.

Binance’s decision to venture into Germany followed its challenges in countries like Cyprus, the Netherlands, and Belgium. Binance had previously withdrawn its application in Cyprus, and Belgium had instructed Binance to halt its operations within the country.