Binance continues to leave the markets of European nations, having previously discontinued its services in the Netherlands and Cyprus. On Monday, Finance FWD reported that the cryptocurrency exchange has withdrawn its license application from Austria.
– We are unable to share details of our discussions with regulators; however, we remain committed to acting in accordance with our obligations wherever Binance operates. Our current focus in Europe is to ensure that we are fully compliant with MiCA requirements when it is implemented at the end of next year – the media statement reads.
The news comes just over a week after Binance exited the Netherlands, stating that it could not secure a license in that country. Binance’s license application in Cyprus has also recently been withdrawn.
Binance’s regulatory troubles are not limited to Europe. Binance and its CEO Changpeng ‘CZ’ Zhao sued the SEC in the U.S. earlier this month for allegedly selling unregistered securities and commingling customer funds. Binance has denied any mishandling of its users’ funds and called the SEC’s lawsuit ‘unwarranted’.
Also in North America, Binance closed its Canadian operations in May. The company stated that the market is ‘no longer sustainable’ due to Canadian restrictions on the use of stablecoins.
Binance has also had considerable conflicts with Australian regulators. The Australian Securities and Investments Commission (ASIC) revoked Binance Australia’s derivatives license in April. Binance Australia later suspended selected deposits in Australian dollars for PayID transfers, a commonly used method for instant bank transfers in Australia.
Nevertheless, Binance has decided to reverse its plan to remove several cryptocurrencies used for privacy in Europe after reviewing its operations to comply with local regulations.
– After careful consideration of feedback from our community and several projects, we have revised the way we classify privacy cryptocurrencies on our platform to meet EU regulatory requirements – Binance stated.
Initially, Binance was set to remove cryptocurrencies for users in France, Italy, Spain, and Poland. According to emails received by users, BEAM, XMR, MOB, FIRO, and ZEN are still included in the restrictions.
