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May 18, 2022

Binance Still Pushing For Regulatory Go Ahead in Germany

Despite the recent crypto market massacre, Binance, the world’s largest crypto exchange by trading volume, is not abandoning its attempts to stretch its tentacles to new jurisdictions and grow its worldwide reach.

Changpeng Zhao, the CEO of the top exchange, announced on Wednesday that the company is asking for formal licenses to operate its regulated trading platform in Germany.

Zhao disclosed that Binance is now negotiating with German regulators while speaking at the Online Marketing Rockstars Festival in Hamburg. In addition, the exchange is growing its compliance staff and seeking for German licenses.

Binance’s aspirations to operate in Germany coincide with the country being recognized as the world’s most crypto-friendly. Crypto investments are now accepted as part of the European nation’s domestic savings business. Furthermore, Germany’s federal finance ministry just published the country’s first-ever cryptocurrency tax handbook.

If authorized, Germany will become the second major European country and G-7 member to permit Binance to operate within its borders specifically. The company received regulatory permission in France earlier this month. Binance had just received provisional authorization in Abu Dhabi to operate as a virtual asset broker-dealer.

Binance was under regulatory scrutiny at this time last year. Financial regulators in the United States, Europe, China, the United Kingdom, and other countries have issued warnings to investors about the crypto exchange.

CZ subsequently claimed Binance would be more aggressive in complying with local rules in order to gain the approval of authorities.

Despite formerly operating on a decentralized model with no official business headquarters, the firm is presently in the process of creating corporate offices in several locations across the world. According to Zhao, Binance plans to establish a European headquarters in Paris and utilize it as a launching pad as it grows to other territories.

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