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Binance Is Actively Applying for Licenses in Germany

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Wed, 05/18/2022 - 12:17
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Gamza Khanzadaev
One of the biggest crypto exchanges seeks expansion in Germany
Binance Is Actively Applying for Licenses in Germany
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Binance is not retreating in its efforts to conquer new territories and expand its presence in new jurisdictions.

At the Online Marketing Rockstars Festival (OMR), currently taking place in Germany, the head of Binance, Changpeng Zhao, said from the stage that he is actively communicating with German regulators. Furthermore, Binance is actively hiring compliance staff and applying for licenses in Germany.

This move would be very relevant in addition to the fact that, at the beginning of May, Binance successfully passed registration in France and became the country's full-fledged digital asset service provider.

It seems like this is a really great time to integrate into the German financial legal framework, as the country is now at the forefront of crypto adoption, taking the top spot in the latest Coincub Global Crypto Ranking. Besides that, Germany's Federal Ministry of Finance issued the first ever cryptocurrency tax guide and, previously, Commerzbank, one of the largest and partly government-owned banks in the country, has applied for a license for cryptocurrency custody services.

Of course, not everyone is so enthusiastic about the gradual introduction of crypto into the lives of Germans, but the vector in which the country is moving can be clearly seen.

The plan begins to work

Reading all of this recent news about the unfolding expansion of Binance, one may recall the statements made by CZ back in the summer of 2021.

The crypto mogul said then that Binance will work with global regulators as it expands, because the aim for the company is to work only in legal frameworks and be licensed everywhere, with multiple regional headquarters around the world to be established.

In 2022, the expansion of cryptocurrencies has taken a new turn, and everyone wants to rip off a bigger piece—whether it is buying shares in popular start-ups, extensive growth as described above or intensive development of already existing projects.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.