Binance reportedly pulls out of Austria, shifts focus to MiCA compliance in Europe Binance reportedly pulls out of Austria, shifts focus to MiCA compliance in Europe
Binance says its current focus is ensuring compliance with the forthcoming Markets in Crypto Assets (MiCA) regulations.
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Updated: Jun. 26, 2023 at 5:55 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance told CryptoSlate in a June 26 email that it strives to act in compliance wherever it operates amid new reports that it withdrew from yet another European market.
Earlier today, reports emerged that Binance had withdrawn its application in another European country. According to Finance Forward, Binance’s subsidiary Binance Austria GmbH withdrew its license application from the Austrian Financial Market Authority (FMA).
In response to a CryptoSlate’sย inquiry, a Binance spokesperson said the exchange could not share details of its conversations with regulations. The exchange representative added:
“[Binance] remain committed to acting in compliance with our obligations wherever Binance operates.”
MiCA compliance
Furthermore, the spokesperson told CryptoSlate that its current focus in Europe is ensuring compliance with the forthcoming Markets in Crypto Assets (MiCA) regulations.
MiCA is a landmark crypto legislation designed to ensure European financial stability and consumer protection. The European Union unanimouslyย passedย the regulation on May 16, which would be implemented next year.
Binance has made several moves in anticipation of the regulation, including delisting privacy coins and withdrawing its licensing application in European countries like the United Kingdom,ย Netherlands, and Cyprus.
A spokesperson for the firm attributed these decisions to its compliance processes and efforts to focus on larger markets in other European countries like France, Italy, and Spain.
Binance stated:
“Our current focus in Europe is on ensuring that we will be in full compliance with the requirements of MiCA when it is implemented at the end of next year.”
Meanwhile, these pullbacks are coming amid recent regulatory troubles in the United States, where the U.S. Securities and Exchange Commission (SEC) alleged that it violated federal securities law.
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Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Zaeem, an editor fascinated by business, finance, DeFi, and cryptocurrencies, holds a business and finance degree. His 14-year career in financial journalism spans sectors like banking, finance, insurance, and tech.
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Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
