Germany’s financial regulator, BaFin, has rejected the license application of the world’s largest crypto exchange Binance. The crypto exchange submitted the application back in June of 2020, with the hopes of becoming a fully regulated entity in the country.

Germany Rejects Binance Crypto License

The country’s financial regulator, BaFin, recently issued a statement denying Binance’s license application. The decision was made on the grounds that Binance failed to meet the requirements for the application, which includes obtaining a business license from the Federal Financial Supervisory Authority.

The statement released by BaFin stated that the regulator had concerns about the exchange’s inability to comply with anti-money laundering and customer protection regulations. The statement further added that the exchange failed to provide adequate proof that it had the necessary measures in place to protect customers and their funds.

In addition, BaFin also expressed concern over Binance’s data security measures. The regulator claimed that the exchange did not provide adequate information on how it would protect customer data and safeguard it from cyber-attacks.

Binance’s License Application Unsuccessful

Despite their best efforts, Binance has not been able to obtain the necessary license to operate in Germany. This has put the exchange at odds with the country’s financial regulator, as well as other government agencies.

This has also been a setback for the exchange as they now have to look for alternative ways to expand their operations in the country. The exchange has yet to comment on the recent rejection, though it is likely that they will find another way to enter the German market.

In the meantime, it is unclear how the rejection from Germany’s financial regulator will impact the exchange’s operations in the country. It is also unclear how the exchange will move forward in the face of the BaFin’s decision. It seems that Binance will have to find alternative ways to expand its operations in the country, as it is unlikely that the regulator will change its stance anytime soon.