Crypto exchange Binance has withdrawn its application for a trading license from Germany's Federal Financial Supervisory Authority (BaFin), CoinDesk has reported.
According to the platform:
"The situation, both in the global market and regulation, has changed significantly. Binance still intends to apply for appropriate licensing in Germany, but it is essential that our submission accurately reflects these changes."
It had previously been reported the BaFin intended to deny Binance permission to provide services for the storage of digital assets.
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Last June 5, the US Securities and Exchange Commission (SEC) filed a complaint against the platform and its CEO, Changpeng Zhao. This increased regulatory pressure on the company in Europe.
Binance has also withdrawn its license applications in the UK, Austria, Cyprus and announced it will leave the Dutch market. The Belgian Financial Services and Markets Authority has ordered the platform to cease all its activities.
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In April, the Australian regulator cancelled the license of the company's local division, while in July, agency officials visited Binance Australia's office as part of a derivatives investigation.