Germany’s financial regulator BaFin has rejected crypto exchange Binance’s bid for license to operate in the country.
German financial news website, Finance Fwd, reported on Thursday on BaFin turning down Binance for crypto license saying that the requirements for it were apparently too high for the crypto exchange.
Binance has not yet commented on the denied license bid, however, a spokesmen for the company only shared that “ongoing process” and the exchange continues “to work to meet Bafin’s requirements.”
It is unclear whether the rejection is formal or whether the German regulator has expressed their intention in ongoing discussions.
Binance has been facing troubles in Europe, as well as the US in recent months. The company has been reducing its presence in Europe by exiting Cyprus and the Netherlands. Additionally, crypto giant is being investigated for money laundering by French regulators and is being sued by the US Securities and Exchange Commission.
