Just-In: Binance Seeks Approval In Europe’s Largest Economy
Binance CEO Changpeng “CZ” Zhao said on Wednesday that the exchange plans to apply for a license to operate in Germany.
Speaking at fintech conference Finance Forward in Hamburg, CZ said that after gaining regulatory approval in France, Binance is expanding its German compliance team and wants to apply for a license in Europe’s largest economy.
CZ had said the exchange would set up its European headquarters in Paris, and use that as a launching point for its expansion across the continent.
Binance already in talks with Spanish, Italian authorities
The application for a German license comes amid ongoing talks with other major European economies, specifically Spain and Italy. Earlier this month, CZ met with former Italian Prime Minister Giuseppe Conte, and several major politicians to talk digital finance.
While no commitments were made on either side, the move could hint at lobbying plans in Rome for a crypto license.
Additionally, Binance also complied with a request from Spain’s financial authority to cease offering crypto derivatives in the country- a sign that it is willing to play ball with governments in order to gain approval.
Europe is also not the only region the world’s largest exchange has plans for. It has made headway in several middle eastern countries as well this year.
Move comes amid a crypto crash
Still, Binance’s expansion plans come in the wake of one of the worst crypto crashes seen in recent times. Total crypto market capitalization has slumped by over $500 billion in the past two weeks, with markets still under pressure.
Speaking at Finance Forward, CZ said that Binance is still “cash flow positive” despite the recent crash.
He also warned that a “crypto winter” could be in store for markets. But CZ expects a boom to follow shortly after such a period of market weakness.
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