{"id":80965,"date":"2023-06-29T15:53:55","date_gmt":"2023-06-29T12:53:55","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=80965"},"modified":"2025-09-11T20:07:25","modified_gmt":"2025-09-11T17:07:25","slug":"media-german-regulator-to-deny-binance-a-crypto-custodian-licence","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/media-german-regulator-to-deny-binance-a-crypto-custodian-licence\/","title":{"rendered":"Media: German regulator to deny Binance a crypto-custodian licence"},"content":{"rendered":"<p>The German Federal Financial Supervisory Authority (BaFin) will not grant Binance a licence to provide cryptocurrency custody services. This is reported by <a href=\"https:\/\/financefwd.com\/de\/binance-lizenz-deutschland\/\">Finance Forward<\/a>, citing sources.<\/p>\n<p>It is not known to the publication whether the decision has been formally issued or whether the agency signalled it during talks with the company.<\/p>\n<p>A BaFin spokesperson declined to comment, citing internal policy.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abAlthough we cannot share details of our discussions with regulators, we continue to work on meeting BaFin&#8217;s requirements. We are confident that we have the right team and measures to continue our negotiations with the German supervisory authorities,&#8221; Binance said.<\/p>\n<\/blockquote>\n<p>Journalists noted that the regulator&#8217;s lack of approval would mean an advertising ban for the services, which could affect long-term growth. The Binance crypto app in the country remains active and is one of the largest by user numbers \u2014 around 2 million.<\/p>\n<p>On June 5, the U.S. Securities and Exchange Commission (SEC) <a href=\"https:\/\/u1f987.com\/en\/news\/sec-files-suit-against-binance-and-changpeng-zhao\">filed a lawsuit<\/a> against the exchange and its CEO Changpeng Zhao. Against this backdrop, regulatory pressure on the company in Europe intensified.<\/p>\n<p>Binance withdrew applications for licences <a href=\"https:\/\/u1f987.com\/en\/news\/binances-uk-arm-deregisters-with-the-fca\">in the United Kingdom<\/a>, <a href=\"https:\/\/u1f987.com\/en\/news\/media-binance-withdraws-license-application-in-austria\">Austria<\/a>, <a href=\"https:\/\/u1f987.com\/en\/news\/binance-seeks-to-withdraw-its-cyprus-registration\">in Cyprus<\/a>, <a href=\"https:\/\/u1f987.com\/en\/news\/binance-to-exit-the-netherlands\">announced its exit<\/a> from the Netherlands. The Belgian Financial Services and Markets Authority ordered the exchange to immediately cease providing services <a href=\"https:\/\/u1f987.com\/en\/news\/belgium-orders-binance-to-cease-activities-in-the-country\">.<\/p>\n<p>According to <a href=\"https:\/\/www.coindesk.com\/business\/2023\/06\/28\/binance-eur-banking-partner-to-halt-support-of-the-crypto-exchange-in-september\/\">CoinDesk<\/a>, Binance&#8217;s European banking partner \u2014 Paysafe Payment Solutions \u2014 will cease servicing the platform from September 25.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abOur users will need to update the bank details used to make deposits on Binance, and may have to accept new terms to continue using <span data-descr=\"the Single Euro Payments Area (SEPA)\" class=\"old_tooltip\">SEPA<\/span> services after this date,&#8221; the crypto company said.<\/p>\n<\/blockquote>\n<p>In November 2022, BaFin <a href=\"https:\/\/u1f987.com\/en\/news\/regulator-flags-shortcomings-in-coinbases-german-subsidiary\">ordered<\/a> its German subsidiary Coinbase to ensure proper organisation of the business, citing regulatory violations.<\/p>\n<p>In June, the SEC <a href=\"https:\/\/u1f987.com\/en\/news\/sec-files-suit-against-coinbase-exchange\">filed a lawsuit<\/a> against the American cryptocurrency exchange a day after issuing its complaints against Binance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The German Federal Financial Supervisory Authority (BaFin) will not grant Binance a licence to provide cryptocurrency custody services, according to Finance Forward, citing sources.<\/p>\n","protected":false},"author":1,"featured_media":80966,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,109,36],"class_list":["post-80965","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-germany","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"19","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/80965","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=80965"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/80965\/revisions"}],"predecessor-version":[{"id":80967,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/80965\/revisions\/80967"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/80966"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=80965"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=80965"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=80965"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}