The largest cryptocurrency exchange in the world, Binance, has withdrawn its application for a crypto license in Germany. The German Federal Financial Supervisory Authority (BaFin) advised the exchange to withdraw its application out of concern for its CEO, Changpeng Zhao, and the organization’s structure, according to The Wall Street Journal.
BaFin’s guidelines for a license application state that managing directors must “have the required professional qualification and be of good repute to manage an institution and must dedicate sufficient time to performing their functions.” The regulator reportedly expressed concerns that Zhao, also known as “CZ,” may not have passed a “fit and proper” test under these guidelines. Furthermore, BaFin also raised concerns that Binance’s company structure could hinder regulatory supervision.
This update comes on the heels of Binance’s disclosure on July 26, 2023, that it had retracted its…
