Binance withdraws license application in Austria: FinanceFWD

Quick Take

  • Binance is longer applying to be licensed in Austria, as it cuts down its EU entities.
  • The company recently also moved to exit the Netherlands, Cyprus, and the U.K.

Crypto exchange Binance has withdrawn its license application with the Financial Market Authority of Austria, according to FinanceFWD.

"We are unable to share details of our conversations with regulators, however we remain committed to acting in compliance with our obligations wherever Binance operates," a Binance spokesperson told The Block when contacted to comment on FinanceFWD's report on the withdrawn Austrian application. "Our current focus in Europe is on ensuring that we will be in full compliance with the requirements of MiCA [Markets in Cryptoassets] when it is implemented at the end of next year."

Binance withdrew the Austrian application some time ago, according to the FinanceFWD report that cites sources familiar with the matter. The Austrian regulator reportedly exerted pressure behind the scenes. The company is said to have set up Binance Austria GmbH last year, intending to obtain a license for the subsidiary.

Binance cutting down EU entities

Austria adds to the list of European markets Binance has moved to exit in recent weeks. Earlier this month, Binance said it was leaving the Netherlands after failing to receive regulatory approval. Also this month, Binance applied to deregister in Cyprus and canceled its registration with the U.K. Financial Conduct Authority. The company currently holds registrations in other EU countries, including Italy, Spain, and France, where it is reportedly under investigation for alleged money laundering.

Last week, Belgium’s financial regulator ordered Binance to cease all services in the country.

Binance is currently also embroiled in a legal battle with regulators in the United States. The U.S. Commodity Futures Trading Commission and the U.S. Securities and Exchange Commission both sued the exchange and their owner Changpeng Zhao for allegedly violating federal laws and not registering the exchange in the U.S.

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