Binance Withdraws its License Application from German Regulator
- Binance has withdrawn from the Netherlands, Austria, and Belgium in recent weeks.
- The crypto exchange plans to reapply for an appropriate license in Germany.
- Earlier today, Binance announced the launch of an AI NFT generator.
Crypto exchange Binance has withdrawn its crypto license application from BaFIN, Germany’s financial regulator. This move comes after German regulators informed the exchange that they would not grant it a crypto custody license. It also follows Binance’s withdrawal from the Netherlands, Belgium, and Austria.
Confirming Binance’s withdrawal, a Binance spokesperson said,
Binance confirms that it has proactively withdrawn its BaFin application. The situation, both in the global market and in regulation, has changed significantly. Binance still intends to apply for appropriate licensing in Germany, but it is essential that our submission accurately reflect these changes.
Over the past few months, Binance has come under heightened regulatory scrutiny. For example, Australia placed limitations on Binance’s ability to run a derivatives exchange, and the company has stopped operations in Canada. In addition, US regulators have opened several probes into the cryptocurrency exchange. Binance is also said to be the subject of an investigation in France.
Despite its mounting concerns, Binance has continued to improve its services. Earlier today, the crypto exchange announced that it has launched an artificial intelligence (AI) NFT generator that would enable users to leverage AI to create unique pieces.
The new AI NFT tool, known as Bixel,” is only available to users that have completed the Know Your Customer (KYC) verification process on Binance. The exchange explained that the KYC requirement was to “maintain a trustworthy and secure platform for all users, aligning with best practices and regulatory requirements.”
Binance also imposed a minting fee of 0.008 BNB for those interested in using the AI NFT generator. The crypto platform remarked that the fee was to ensure that the process was seamless on the BNB Smart Chain.
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