The German regulator has reportedly denied the exchange a custody license and Paysafe has ended euro support.
Binance’s custody license application has reportedly been denied by Germany’s financial regulator BaFin, adding to the exchange’s regulatory challenges.
Binance’s banking partner for euro deposits and withdrawals, Paysafe, is also ending support for the exchange in September.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.BaFin, Germany's financial regulator, has reportedly denied Binance’s application for a custody license. Binance also announced that Paysafe, its banking partner for euro deposits and withdrawals, will end support from September.
“While we are unable to share details of conversations with regulators, we continue to work to comply with BaFin‘s requirements. As expected, this is a detailed and ongoing process. We are confident that we have the right team and measures in place to continue our discussions with regulators in Germany,” a Binance spokesperson told The Block in an emailed statement.
Meanwhile, Binance's current euro banking partner, Paysafe, will cease supporting the crypto exchange after September 25, according to a notification for users, CoinDesk first
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