Binance, a cryptocurrency exchange, has confirmed that it is in talks to become regulated in Germany as it meets with regulators around Europe, confirming rumors from February that the company was aiming to do so.
Binance CEO Changpeng Zhao expressed optimism about the likelihood of gaining regulated status in Germany while speaking at the Finance FWD Conference in Hamburg. As part of its application for a crypto license in Germany, Binance is looking to hire experts with experience in compliance and financial product policies.
He stated:
“We hope to get a licence in Germany, our team is definitely talking to regulators and based on secondary feedback the conversations are going well.”
The discussions with German officials come after French regulators approved the exchange earlier this month. Zhao stated that Binance’s push into France – which included a €100 million ($105 million) investment in the French Web3 ecosystem earlier this month – does not imply that the company is disregarding Germany, Europe’s largest economy.
According to the Autorité des Marchés Financiers (AMF), a French financial market regulator, Binance can now operate its digital asset trading platform in France, which means it can facilitate digital asset custody, let users buy, and sell crypto, and help users exchange digital assets for each other.
After receiving approval from authorities in Abu Dhabi, Bahrain, and Dubai, the company is now allowed to operate in the United Arab Emirates. Obtaining regulatory permission from German authorities might also be a significant success for CZ’s enterprise. Germany, like France, is a G7 member and might be a significant area for further growth in Europe.
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