Binance revokes license registration in Austria following recent deregistration in the United Kingdom, Belgium, Cyprus, and the Netherlands.
The world’s largest cryptocurrency exchange, Binance, has withdrawn its application for a license in another European nation due to mounting regulatory challenges from financial regulators worldwide.
According to sources with knowledge of the situation, Binance’s subsidiary, Binance Austria GmbH has withdrawn its application for a license from the Austrian financial regulator FMA.
Binance Withdraws License
After increased regulatory challenges in Europe and a lawsuit by the US Securities and Exchange Commission (SEC), crypto exchange Binance continues withdrawing its license applications from several European nations. Binance only has licenses in France, Italy, Spain, Poland, Sweden, and Lithuania.
According to Finance Forward, the Austrian Financial Market Authority (FMA) has revoked Binance Austria GmbH’s virtual asset service provider license. a company spokesman said:
“We are unable to provide details from our discussions with regulators, but we will continue to act in accordance with our commitments wherever Binance operates,” a company spokesman said.
Recently, Binance withdrew its registration as a virtual asset service provider (VASP) in the United Kingdom, the Netherlands, Belgium, and Cyprus. The cryptocurrency exchange is working to remain entirely compliant with the MiCA regulation, which is expected next year. It will provide a passport for crypto companies to legally operate in the European Union with a license from any country.
Binance is looking to expand its services in the UAE, which it views as a crucial operational hub. Previously, Binance’s CEO “CZ,” stated that the country has clear crypto regulations and a favorable attitude toward the crypto industry.
