Binance Withdraws License From Austria, Focus On the UAE

The world’s largest crypto exchange Binance withdraws its license registration in another European country amid rising troubles due to regulatory challenges from financial regulators globally. Binance’s subsidiary Binance Austria GmbH has withdrawn its license application from the Austrian financial regulator FMA, according to people familiar with the matter.

Binance Deregisters in Austria

Crypto exchange Binance continues to remove its license applications in several European countries after heightened regulatory challenges in Europe and a lawsuit by US Securities and Exchange Commission (SEC). Binance now only has licenses in France, Italy, Spain, Poland, Sweden, and Lithuania.

Binance Austria GmbH has withdrawn its virtual asset service provider license from the Austrian Financial Market Authority (FMA), reported Finance Forward.

“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,” a company spokesman said.

Binance recently withdrew its virtual asset service providers (VASP) registration in the UK, the Netherlands, Belgium, and Cyprus. The crypto exchange working to remain fully compliant with the MiCA regulation, expected next year. It will provide a passport for crypto firms to operate legally across European Union with a license in any country.

Meanwhile, Binance is looking to expand its services in the UAE, considering it as a key operational hub. Binance CEO “CZ” earlier said the country has clear crypto regulations and a friendly approach towards the crypto industry.

Also Read: US SEC Moves To Seize Terra Founder Do Kwon’s Crypto Assets In Swiss Bank

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