One of the largest crypto exchanges is actively looking for regulatory approval to operate in Germany. Getting access to German investors and traders would help Binance expand its presence in new jurisdictions.
Binance Is Actively Working With German Regulators
Changpeng Zhao, the CEO of Binance, is participating in the Online Marketing Rockstars Festival (OMR), which is currently held in Germany. While he was on stage, he announced he was actively communicating with German regulators. CZ added that Binance is also actively hiring compliance staff and applying for licenses in Germany.
At the beginning of May, Binance successfully passed the registration in France and became a full-fledged digital asset service provider in that country.
Besides this registration, Binance saw an ideal opportunity to integrate into the German regulatory framework, especially since Germany is the leader in cryptocurrency adoption.
For example, Germany’s Federal Ministry of Finance recently issued the first crypto tax guide. In addition, one of its largest government-owned banks has applied for a license for cryptocurrency custody services.
Current moves of Binance matched with the CZ’s statements from summer 2021 when he said his exchange would work together with global regulators and expand to become licensed everywhere. Furthermore, CZ planned to establish regional headquarters worldwide, and it seems he’s successful in his plans.