After France's Nod, Binance Faces Germany to Deepen Ties in Europe

Binance, the world’s largest cryptocurrency exchange by trading volume, is seeking a license from Germany’s Federal Financial Supervisory Authority (BaFin) to operate in the country.

The Founder and Chief Executive Officer of Binance, Changpeng Zhao, disclosed this on Wednesday in an interview at the Finance Forward Fintech Conference in Hamburg, Germany.

Zhao said the exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term’s discussion with BaFin to get its nod is part of its plan to deepen its presence in Germany.

“Our team definitely is talking with regulators here and in all of Europe,” Zhao said in the interview, BBN Bloomberg reports.

Finance Magnates reported last month that France’s financial watchdog, the Finance Markets Authority (AMF), granted Binance a Digital Asset Service Provider (DASP) registration.

The registration was granted with the approval of the Prudential Supervisory and Resolution Authority ( ACPR ), an institution responsible for monitoring banking and insurance activities in France.

“The registration of Binance France as a DASP is a key milestone for crypto in Europe. In particular, the new levels of protection for anti-money laundering (AML) will help grow crypto adoption in France and Europe,” David Princay, the CEO of Binance France, said in an announcement.

Last year, Binance stopped offering its futures and derivatives products across Europe, starting with Germany, Italy and the Netherlands.

“With immediate effect, users from these countries will not be able to open new futures or derivatives products accounts,” the exchange wrote in an official notice.

In addition, the exchange ended its support for stock token offers after many European regulators including BaFin showed their discontent.

Recent Moves

Binance is one of the 19 co-investors that committed $7.1 billion to Elon Musk’s Twitter takeover bid.

Zhao described the exchange’s $500 million total aggregate commitment to the deal as “a small contribution to the cause.”

Meanwhile, the cryptocurrency exchange Cryptocurrency Exchange A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f Read this Term recently signed a five-year sponsorship deal with the Argentine Football Association.