• Binance Austria GmbH, a wholly owned subsidiary of Binance, has withdrawn its license registration from the Austrian Financial Market Authority (FMA).
• This comes after the crypto exchange faced increased regulatory obstacles in Europe and a lawsuit from the US Securities and Exchange Commission (SEC).
• Binance is making efforts to maintain complete compliance with the forthcoming MiCA law as a passport allowing crypto businesses to lawfully operate in any EU member state.
Binance Withdraws License Registration in Austria
Binance Austria GmbH, a wholly owned subsidiary of leading cryptocurrency exchange Binance, is no longer seeking a license from the Austrian Financial Market Authority (FMA). The withdrawal follows mounting difficulties stemming from hurdles presented by financial authorities worldwide.
Background on Regulatory Challenges Faced by Binance
Binance had recently canceled VASP registration in several European countries due to increased regulatory obstacles. Currently, the only countries where Binance is legally able to operate are France, Italy, Spain, Poland, Sweden and Lithuania. As part of their commitment to compliance, Binance is actively working towards adhering to the forthcoming MiCA law which will act as a passport for crypto businesses and allow them to operate legally within any member state with one single license.
Binance Plans Growth in United Arab Emirates
Despite withdrawing their application for licensing in Austria, Binance continues to see the United Arab Emirates as an attractive strategic base for growth. CEO “CZ” praised the Emirate for its “clear crypto regulations” and “friendly approach” to cryptocurrency businesses.
Highlighted Crypto News Today
As part of its current market share report on leading exchanges, Finance Forward highlighted that Binance had witnessed a significant drop reaching one-year low points.
While facing increasing regulatory challenges across Europe and beyond, it appears that BInance’s primary focus at present is on achieving full compliance with existing legislation and maintaining their position as one of the world’s leading crypto exchanges.