Binance Withdraws Registration In Austria
Binance is also coming under increasing scrutiny in Europe. The US Securities and Exchange Commission is currently suing the world’s largest cryptocurrency exchange by trading volume. However, the exchange appears to be having difficulty obtaining licences in Europe. The exchange has Virtual Asset Service Provider (VASP) licences in France, Italy, Spain, Poland, Sweden, and Lithuania, according to the official website.
Binance’s European expansion, including Austria, is stalling in other countries, including Austria. A report in German magazine Finance Forward claims that Binance withdrawn an application for registration with the Austrian Financial Market Authority (FMA) due to pressure from the authority. The authority and exchange have not commented publicly on this issue. Binance Austria GmbH was established in Austria last spring, but the exchange’s expansion in Austria has failed.
The company faces growing pressure in Europe, with withdrawals from the UK, Netherlands, Belgium, and Cyprus within a month. However, Austrian customers can continue with the application withdrawal, as if Binance had received a license, they could have started marketing and advertising activities.
(With inputs from Shikha Singh)
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