- Binance Austria GmbH, a wholly owned subsidiary of Binance, is no longer seeking a license.
- The crypto exchange had recently canceled VASP registration in several EU countries.
In light of mounting difficulties stemming from hurdles from financial authorities worldwide. The biggest cryptocurrency exchange in the world, Binance, has withdrawn its license registration in Austria. Binance Austria GmbH, a wholly owned subsidiary of Binance, is no longer seeking a license from the Austrian Financial Market Authority (FMA), according to those in the know.
After facing increased regulatory obstacles in Europe and a lawsuit from the US Securities and Exchange Commission (SEC), cryptocurrency exchange Binance has continued to withdraw its license applications in many European nations. The only countries where Binance is legally able to operate are France, Italy, Spain, Poland, Sweden, and Lithuania.
Compliance With Forthcoming MiCA Law
According to Finance Forward, Binance Austria GmbH has revoked its license as a virtual asset service provider from the Austrian Financial Market Authority (FMA).
A Binance representative stated:
“We are unable to provide details from our discussions with regulators, but we will continue to act in accordance with our commitments wherever Binance operates.”
Moreover, Binance had recently canceled its VASP registration in the United Kingdom, the Netherlands, Belgium, and Cyprus. The cryptocurrency trading platform is making efforts to maintain complete compliance with the forthcoming MiCA law. It will act as a passport allowing crypto businesses to lawfully operate in any EU member state. This would be with only one license.
Binance, however, sees the United Arab Emirates as a strategic base and plans to grow its services there. In a previous post, Binance CEO “CZ” praised the Emirate for its “clear crypto regulations” and “friendly approach” to the crypto business.
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