CEO Changpeng Zhao said the company is applying for regulatory approval in Germany
The move is supposedly part of the European and global expansion plan pursued by Binance
Market supervisors in France recently issued a DASP license to CZ’s exchange
Jurisdictions in the Gulf region also welcomed the behemoth platform
Binance hopes to secure a cryptocurrency license from regulators in Germany. The company’s Chief Changpeng Zhao confirmed the news at the Finance Forward event in Hamburg on Wednesday.
We want to apply for the German crypto license too. The fact that we are present in France doesn’t mean we ignore other EU countries.
CZ’s comments also verify reports that emerged in February 2022 regarding conversations between the digital asset exchange and market supervisors in Europe’s largest economy.
While applying for a crypto license in Germany, Binance is looking to hire experts with experience in compliance and financial product policies.
Binance Expands Across Europe And The Middle East
The world’s largest exchange halted some of its services back in 2021 after facing pressure from financial watchdogs. At the time, Binance announced its decision to dial back its presence in Europe and limit its product offerings in Germany, Italy, and the Netherlands.
CZ’s company also faced regulatory hurdles in a plethora of jurisdictions across Asia, North America, and Europe.
2022 has supposedly beckoned a new age of regulatory compliance for the exchange. EWN reported that Binance recently received a digital asset service provider (DASP) license to operate in France.
The platform is also authorized to operate in the Emirates after bagging approval from authorities in Abu Dhabi, Bahrain, and Dubai.
Furthermore, securing regulatory approval from German authorities could signal another key victory for CZ’s company. Like France, Germany is also a G7 nation and might represent a key location for further expansion into Europe.