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Binance Optimistic About Talks with German Regulators

Binance, one of the world’s biggest crypto exchanges, is in discussions with German authorities for regulatory approval, confirmed Binance CEO, Changpeng “CZ” Zhao, who is visiting Germany at the moment.

In today’s interview at a conference in Hamburg, CZ confirmed the existence of talks between the Binance team and German regulators.

“Germany is a very important market, it is one of the G7 countries as well,” CZ shared. “We have a much better job done communicating with the regulators here and we still hope to get a license in Germany. We want to grow our market here.” 

Zhao further revealed that Binance is actively hiring new team members, especially for its compliance team, with the goal of setting up the “right” organizational structure for its division in Germany. 

“The regulatory communications are confidential, our team is definitely talking with the regulators here and in all of Europe. Based on my team’s feedback, things are going well,” CZ teased. 

France Gives Approval

Earlier in May, France granted regulatory approval to Binance, becoming the first European country to do so. The world’s largest crypto exchange by trading volume obtained a ‘Digital Asset Service Provider (DASP)’ license after months of regulatory setbacks across the continent.

“The registration of Binance France as a DASP is a key milestone for crypto in Europe. In particular, the new levels of protection for AML will help grow crypto adoption in France and Europe. Greater adoption will help bring better liquidity to the market, which will be welcomed by users and the community in particular,” the CEO of Binance France, David Princay underlined at the time.

On the Flipside

  • Germany is a G7 nation. In light of the recent collapse of the TerraUSD stablecoin, the finance ministers of the most economically powerful countries in the world will be meeting later this week to discuss the regulation of cryptocurrencies.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Simona is a fintech journalist and content editor at DailyCoin Academy, which focuses on educating new crypto investors. She entered the crypto space in early 2018, got burned, but discovered a passion for trading, and now it’s her hobby. Simona covers crypto and blockchain-related topics and takes a deeper look at what lies behind the latest industry trends.