Binance Withdraws License Registration in Austria

Binance, the largest cryptocurrency exchange in the world, has withdrawn its license registration in Austria due to the increasing challenges caused by obstacles posed by financial authorities globally. Binance Austria GmbH, a fully owned subsidiary of Binance, has abandoned its efforts to get a license from the Austrian Financial Market Authority (FMA).

Regulatory Crackdown

As the regulatory climate has tightened throughout Europe and the U.S SEC has filed a lawsuit, crypto exchange Binance has withdrawn its license applications in several European countries. France, Italy, Spain, Poland, Sweden, and Lithuania are the only remaining countries where Binance may legally operate.

May be as a result of regulatory pressure, and to act in compliance with upcoming MiCA law, Binance Austria GmbH has had its license as a virtual asset service provider cancelled by the Austrian Financial Market Authority (FMA).

According to a spokesman from Binance:

“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.”

Several Exit by Binance

The VASP registrations that Binance formerly had in the UK, the Netherlands, Belgium, and Cyprus have all been revoked. The cryptocurrency exchange is doing all it can to stay in accordance with the new MiCA regulation. Post the enactment of the new law, a single license will serve as a passport for crypto firms, letting them legally operate in any EU member state.

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Binance, on the other hand, views the UAE as a strategic location from which to expand its offerings. Binance CEO “CZ” previously commended the Emirate for its “clear crypto regulations” and “friendly approach” to the cryptocurrency industry.