Binance Seeks Crypto License in Germany to Expand its Base in Europe

Binance Seeks Crypto License in Germany to Expand its Base in Europe

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After obtaining regulatory approval in France, and for more expansion of its base, Binance, the world’s largest cryptocurrency exchange by market volume, is currently pursuing regulatory approval in Germany to maintain its stance.

This information was disclosed by the exchange’s CEO, Changpeng Zhao on Wednesday in an interview at the Finance Forward Fintech Conference in Hamburg, Germany. He said Binance is in contact with Germany’s Federal Financial Supervisory Authority (BaFin) to operate in the country.

“Our team definitely is talking with regulators here and in all of Europe,” Zhao said during the interview. He posited by saying “ I have not talked to them directly, but based on secondary feedback from our team, things are going well.”

Zhao refused to disclose further details as he claims they’re confidential, he added that Binance is “hiring a lot more people” in Germany, especially on its compliance team.

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Binance is Expanding Across Europe And the Middle East

Last year, Binance halted some of its services due to pressure it is facing from financial watchdogs which at the time the exchange led to discouragement of Binance’s establishment in Europe, in fact, Binance limits its product offering in Germany and Netherlands and Italy.

Binance also faced regulatory issues in a plethora of jurisdictions across Europe, North America, and Asia.

However, the crypto community has witnessed the expansion of Binance across regions like Europe and the Middle East, the exchange has been authorised to operate in the Emirates following its approval from Abu Dhabi, Bahrain, and Dubai Authorities.

Recently, Binance announced its expansion into France after the company secured regulatory approval in the country, and now, Germany is the next.

This is a good move by Binance as Germany is rated one of the most crypto-friendly countries in the world.

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