Binance Crypto Custody License Denied by German Regulator BaFinAllgemein
• German regulator BaFin has reportedly denied Binance’s application for a crypto custody license
• A UK bill granting regulators the power to supervise crypto and stablecoins becomes law
• Founder of Damus is reacting to the conclusion of a two-week battle with Apple over bitcoin tips
German Regulator Denies Binance Crypto Custody License
BaFin, Germany’s financial watchdog, has reportedly denied Binance a custody license. A spokesperson from Binance confirmed that they are continuing to comply with BaFin requirements in “a detailed and ongoing process.” The news follows reports that Binance had withdrawn an application for regulatory approval in Austria.
UK Law Grants Regulators Power To Supervise Crypto And Stablecoins
A UK bill giving regulators the power to supervise crypto and stablecoins has become law. This gives the government authority to regulate firms dealing with cryptocurrencies such as Bitcoin, Ethereum, and Ripple. It also allows them to make regulations related to anti-money laundering (AML) and combating terrorist financing (CTF).
Damus Founder Reacts To Battle With Apple Over Bitcoin Tips
The founder of Damus is reacting to the conclusion of a two-week battle with Apple over bitcoin tips. After receiving an ultimatum from Apple threatening removal from their App Store, Damus was able to reach an agreement that allowed them to keep their app up while negotiating terms on bitcoin payments.
Binance Compliance With Requirements
Binance is continuing its compliance with BaFin requirements in “a detailed and ongoing process.” They have also given up registration with Cyprus’ securities regulator, quit operations in Belgium and decided not pursue authorization in the Netherlands after failed attempts. They face allegations from U.S. securities regulations for allegedly operating an unregistered trading platform.
Germany’s financial watchdog may potentially denying Binance a custody license due to their inability meet all regulatory requirements across Europe. However, they are still complying with relevant authorities as they attempt work through this difficult situation. In addition, new laws granting government authority regulate firms dealing with cryptocurrencies have been passed in the UK which will help streamline processes related AML/CTF checks when making transactions involving digital assets such as Bitcoin or Ethereum